NEW YORK (CNNMoney.com) - He may always be known as "The Greatest", but famed prizefighter Muhammad Ali will now have to share the rights to his name and likeness.

Entertainment and licensing firm CKX announced Tuesday that it is paying Ali $50 million in cash in exchange for selling 80 percent interest of his name and likeness.

Muhammad Ali smiles as he looks out over the crowd gathered to celebrate the dedication of the Muhammad Ali Center, Sunday, Nov. 20, 2005, in Louisville, Ky.

"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 in a prepared statement.

A representative for Ali could not comment on the deal.

As part of the agreement, Ali will maintain 20 percent control of the newly formed company G.O.A.T. LLC, an acronym for "The Greatest of All Time".

Ali, 64, who suffers from Parkinson's disease, has become one of the most recognized sports figures of the 20th century. Having won the world-heavyweight boxing title three different times, Ali was been named the "Athlete of the Century" by Sports Illustrated and in 2005 he was awarded the Presidential Medal of Freedom Award.

The New York City-based CKX (Research) also owns the rights to the name, image and likeness of music star Elvis Presley.

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