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Muhammad Ali sells his name to CKX for $50m (£28.6m)

Saturday, 15 April 2006

Muhammad Ali sells his name to CKX for $50m (£28.6m)

Muhammad Ali has sold the rights to market his name and image to entertainment and licensing firm CKX for a $50m (£28.6m) cash deal, which also covers certain trademarks and it also means CKX will get a share of existing licensing rights involving the sportsman's name.

Muhammad Ali, 64, born Cassius Clay, and his wife are expected to "actively work with CKX to continue to promote his legacy throughout the world," the entertainment group have said.

The CKX company, which also controls the rights to Elvis Presley's image, has created a new firm, Greatest Of All Time, to look after the Muhammad Ali name.

The Ali family will retain a 20% stake in the firm and CKX will have the rest.

Fellow former heavyweight George Foreman, who was defeated by Muhammad Ali during the 1974 Rumble In The Jungle bout, has sold the rights to his name as well.

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