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Muhammad Ali Sells 80 Percent of Marketing Rights to His Name, Likeness for $50 Million

Boxing legend Muhammad Ali has sold 80 percent of the marketing rights to his name and likeness to a firm for $50 million.

The 64-year-old former heavyweight champion is one of the world's most recognized people. Ali, who suffers from Parkinson's disease, will retain a 20-percent interest in the business. The new venture will be operated by a company called GOAT LLC, an acronym for "Greatest of All Time."

Ali and wife Lonnie are expected to work with CKX, Inc. to market his interests around the world. The deal includes trademarks owned by the boxing great.

CKX has concentrated primarily on entertainment and holds the rights to the popular talent show American Idol. The company also holds the rights to Elvis Presley's marketing.

Some information for this report was provided by AP and Bloomberg.