Following his first professional bout with Tunney Hunsaker, Cassius Marcellus Clay, Jr. signed an exclusive 6-year contract with '11' influential Louisville businessmen. Deal signed October 1960. A $10,000 signing bonus. $4000 / Year salary ($333/Month for 2-years) 1961/1962 $6000 / Year salary ($500/Month for 4-years) 1963 thru 1967 All training expenses, including equipment and trainers salary, and sparring partners. Rent costs for a Miami Beach house. 50/50 Split on all Fight purses. The 'syndicate' has 5 consecutive 1-year options on the contract, which they can excercise.
JuneBug, The contract was modified, so Muhammad Ali was to get 60% of the fight purse, and 40% for LSG. As of 1963, LSG was still in the 'red, and were down $45,000 from their investment. They did buy Cassius Clay a new pink Cadillac as a bonus.
i dont like this contract it reminds me of the cloverly group ripoffs for the boxers this lsg group should off been thrown out the door head first by the clay team as soon as this 50/50 purse split was asked:yep:think
Mr. The Cassius Clay team consisted of '2' people. Cassius Clay Jr, and his father. His only other offer, came from a local businessman, who offered him $75 / Week salary, plus 50% of the fight purses. I think the big hook with the 'LSG' team, they bought Cassius Clay's father a new Cadillac.
Yes, And with the $10,000 'bonus money',,,,Cassius Clay Sr., instead of investing the money for his son,,,,,,,,,,opened a bar/lounge.
