Muhammad Ali, one of the world's most recognized people, 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, 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 G.O.A.T. LLC, an acronym for "The Greatest of All". ."(ASSOCIATED PRESS)
Implications - Celebrities who endorse products receive great deals of money for their endorsements, and likewise, businesses can think of ways to do the same. Businesses who strike up deals with other businesses to endorse each other can help to create a cohesive system of mutual benefits for both parties involved -- just as Muhammad Ali and G.O.A.T. LLC both benefit from this deal.
Muhammad Ali Sells Marketing Rights to His Name
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