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Last Updated: Tuesday, 11 April 2006, 22:50 GMT 23:50 UK
Muhammad Ali sells rights to name
Muhammad Ali
Ali dominated the boxing world in the 1960s and 1970s
Entertainment and licensing firm CKX has bought the marketing rights to the name of boxing legend Muhammad Ali.

The boxer, who was born Cassius Clay, sold the rights to his image and name in a $50m (28.6m) cash deal which also covers certain trademarks.

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

CKX also controls the rights to Elvis Presley's image.

It has created a new firm, Greatest Of All Time, to look after the Ali name. The Ali family will retain a 20% stake in the firm and CKX the rest.

The deal also means CKX will get a share of existing licensing rights involving the sportsman's name.

Fellow former heavyweight George Foreman - who was defeated by Ali during the 1974 Rumble In The Jungle bout in what was then Zaire - has also sold the rights to his name.

Most notably he was paid $146.5m in 1999 by kitchen appliance maker Salton to put his name to a fat reducing grill.

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