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Muhammad Ali Sells Name, Image for $50 Million

Entertainment and licensing firm CKX announced Tuesday that it is paying Ali $50 million in cash to acquired an 80% interest in the name and likeness of Muhammad Ali, widely recognized as the greatest athlete of the 20th century and goodwill ambassador to the world.

Ali said, "This relationship with CKX will help guarantee that, for generations to come, people of all nations will understand my beliefs and my purpose. I am honored to be able to partner with CKX as they continue to grow."

The transaction includes the rights to the name, image and likeness of Mr. Ali, certain trademarks owned by Mr. Ali and his affiliates and the rights to all existing Ali license agreements.

Ali, through affiliates, will retain a 20% interest in the business, which will be operated through a newly formed company named G.O.A.T. LLC. G.O.A.T., which stands for "Greatest of All Time," is a trademark of G.O.A.T. LLC and the name by which Mr. Ali is recognized globally.

Ali, 64, who suffers from Parkinson's disease, has become one of the most recognized sports figures of the 20th century.

CKX is the entertainment-rights firm owned by Robert F. X. Sillerman, the 375th richest American according to Forbes Magazine with a net worth of $975 million. He also owns 85% of the estate of Elvis Presley. The company also holds the marketing rights to the hit TV show, American Idol.

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