What's in a name? A $50m fortune if you are called Muhammad Ali

Every American kid who has idolised the basketball legend Michael Jordan - and that's most of them - has wanted to own a pair of Air Jordan trainers. Football fans around the world (and their aunties) walk about in thick clusters wearing David Beckham shirts - the Manchester United, England and Real Madrid incarnations.

But when it comes to Muhammad Ali, one of the towering sports figures of the past century, the merchandising tie-ins and commercial spin-offs have been few and far between. That is, until now.

A media company called CKX, which already enjoys ownership of the global Beckham mania, has just cut a deal to acquire 80 per cent of the rights to the legendary Muhammad Ali name and image and may well acquire them all in five years. At $50m (£28m), the deal is something of a bargain. As CKX's chief executive, Bob Sillerman, points out, Ali needs no introduction. Quite what the deal means, though, remains a mystery. In interviews after the announcement, Mr Sillerman sounded downright coy about the prospect of making money off a living legend - one who, at 64, is crippled by Parkinson's disease and who has lately been interested principally in promoting world "respect, hope and understanding" through his new Kentucky-based charity.

"People around the world will be talking about Muhammad Ali for the next hundred or two hundred years," Mr Sillerman told the New York Daily News, "so we're in no rush to put his face on a bag of potato chips".

It remains to be seen what exactly he means by "no rush". Last year, CKX acquired the rights to the estate of Elvis Presley, and promptly made plans to build restaurants, shops, convention space, an entertainment complex, an outdoor amphitheatre and a spa opposite Graceland, as well as an Elvis museum and theme show in Las Vegas. CKX also owns American Idol, the US version of Pop Idol.

Mr Sillerman believes the boxing legend is an under-exploited brand, generating just $7m in merchandising-related revenue over the past five years. Ali's family, which will participate in a new promotional company called G.O.A.T. Inc (short for Greatest Of All Time), appears to agree. Last year, they launched a line of sports apparel called Ali by Adidas. When the Ali Centre opened in Lousville, Kentucky, last November, it started selling a restricted line of promotional goods including Muhammad Ali sweatshirts and boxing glove key rings.

The three-time world heavyweight champion who brought a unique swagger and political consciousness to sport has become a shadow of his former self. "Muhammad is getting older," his wife, Lonnie, said. "And we're tired of being on the road all the time."

He continues to be showered with accolades - when the BBC named him the sporting personality of the 20th century, it did not seem to be an honour so much as a statement of the obvious.

Mr Sillerman said he was aware of the responsibilities of handling such a revered figure. The Ali family said any commercial deals had to be handled with taste and tact. "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. Three generations of fans will cross their fingers and hope that is true.