Bob Arum, Top Rank & Black History: January 1966, Muhammad Ali announced that he had formed a new black owned corporation called Main Bout, Inc. to manage his multi-million-dollar promotional rights to his fights. Ali stated: “I am vitally interested in...seeing Negroes are not used as fronts, but as stockholders, officers, and production and promotion agents.” Ali envisioned Main Bout as an economic network - a structure that would generate autonomy for African Americans. Muhammad Ali understood the importance of economic power. Main Bout had the potential to share with black communities the heavyweight title’s enormous earning power. Main Bout had 5 stockholders. Herbert Muhammad, son of Nation of Islam leader Elijah Muhammad, was its president. John Ali, the Nation of Islam’s national secretary, was Main Bout’s treasurer. Together they controlled 50 percent of its stock and half of its board’s six votes. Jim Brown, the professional football player and Main Bout’s vice-president in charge of publicity, controlled one vote and 10 percent of the company. Bob Arum and Mike Malitz were Main Bout’s sole white members each held 20 percent of Main Bout’s stock and one vote. However, Main Bout encountered resistance from the beginning. In February 1966, less than a month after Main Bout’s formation, the U.S. Selective Service reclassified Muhammad Ali as draft-eligible for the Vietnam War. Muhammad Ali’s conviction on draft evasion charges in June 1967 ended Main Bout’s run after only 17 months... It is important to understand that one of Main Bout’s primary goals was to create wealth and employment for blacks. Realizing Ali was finished, Bob Arum and Mike Malitz left. Ultimately, Bob Arum created the boxing juggernaut “Top Rank.” However, it is important to note that a significant part of his start was working with a majority black owned company...”Main Bout.” Just for your information, to show the important, significant, but elusive black historically contributions made to the current Institutions of Wealth in tho Country. This is Adrian X, and this is “Just My 2 Cents” Patrick WashingtonChris MorrisNatefan PageCampbellWillie EdwardsRoderick PowellDerrick Headlines Hayes
Posted on: Mon, 15 Dec 2014 12:01:23 +0000