Two women are accusing former heavyweight boxing champion George Foreman of sexual abuse that allegedly took place in the 1970s. Foreman vehemently denies the claims and says the women are attempting to extort him for millions.

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George Foreman at photo shoot

George Foreman attends the Hublot x WBC "Night of Champions" Gala at the Encore Hotel on May 03, 2019 in Las Vegas, Nevada.  (Photo by Roger Kisby/Getty Images for Hublot)

Foreman, 73, responded to the allegations in a statement to the New York Post: "Over the past six months, two women have been trying to extort millions of dollars each from me and my family. They are falsely claiming that I sexually abused them over 45 years ago in the 1970s. I adamantly and categorically deny these allegations."

Per TMZ, within the next few days a lawsuit is expected to be filed against Foreman in Los Angeles. The alleged victims each reportedly have fathers who had close friendships and working relationships with Foreman.

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The women, per TMZ’s report, are seeking $12.5 million each from Foreman. They began what Foreman calls – an attempt to extort him – in January of this year.

In his statement, Foreman added: "The pride I take in my reputation means as much to me as my sports accomplishments, and I will not be intimidated by baseless threats and lies. I am, and always will be, guided by my faith and trust in God. I will work with my lawyers to fully and truthfully expose my accusers’ scheme and defend myself in court. I don’t pick fights, but I don’t run away from them either."

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George Foreman and Vera Pauw speak during awards ceremony

Vera Pauw (L) and George Foreman speak during the Houston Sports Awards on February 8, 2018 in Houston, Texas.   (Photo by Gary Miller/Getty Images for Houston Sports Awards)

Foreman was a two-time champion who had a career record of 76-5. His net worth is estimated to be between $200 – $300 million.