Muhammad Ali Snags $50 Million
Ali sold 80 percent of the rights to his name and likeness for
$50 million to burgeoning entertainment company CKX. Target
Market News declared that the deal may have marked the beginning
new era in sports marketing for the most elite athletes.
Instead of working for a sports star in a traditional sense, like IMG
does with Tiger Woods and Vince Carter, and taking a percentage of
their earnings, CKX paid Ali cash for the exclusive rights to market
him and his image. Anything with Ali's name or likeness, whether it's
sportswear, boxing gloves, movies, books, museums, will be sold under
the CKX umbrella. "They essentially have bought the rights to sell the
rights," said Dan Migala, editor and publisher of The Migala Report, a
sports marketing trade publication in Chicago.