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MUHAMMAD ALI SELLS OFF HIS NAME: Boxing legend pockets $50 million after unloading rights.

(April 13, 2006)

*A company that currently holds the rights to the “American Idol” and Elvis Presley brands has just added boxing legend Muhammad Ali to the fold.

CKX, Inc. paid the former heavyweight champ $50 million to acquire 80 percent of the marketing rights to Ali’s name and likeness. The 64-year-old, slowed in recent years from Parkinson's disease, will keep a 20 percent share in the venture.

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

The new venture will be operated by a company called G.O.A.T. LLC, an acronym for "The Greatest of All Time."

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