Pete Hamill refers to the evening of the first Muhammad Ali-Joe Frazier fight, which took place on March 8, 1971 at Madison Square Garden, as “perhaps the greatest night in the history of New York City.” Maybe. Of course, it would have been amazing to be in Times Square when WWII ended or to hear Abraham Lincoln speak at Cooper Institute in 1860 or to be there in 1927 to watch the ticker-tape parade for Charles Lindbergh after his transatlantic solo flight.

But Ali-Frazier was no doubt very special, considering the political backdrop of the former Cassius Clay being stripped of his title and two of the greatest heavyweights ever meeting while each was still undefeated. Just prior to the fight, Life magazine published a cover story by Thomas Thompson about that anticipated match, “Battle of the Champs.” An excerpt:

There is almost an obscene aura of money hanging over the fight. It might seem to be the ultimate black man’s revenge–each fighter getting his $2.5 million. But the white man will, as per custom, get his. The promoter of the fight is a 40-year-old California theatrical agent and manager named Jerry Perenchio whose clients include Richard Burton, Andy Williams, Johnny Mathis and Henry Mancini.

Perenchio is a pleasant man who wears monogrammed shirts and who would seem to be more at home beside a Beverly Hills swimming pool than at ringside of Madison Square Garden. But he is so far cleverly navigating his way through the turmoil. “I feel like I am smack in the middle of the court of the Borgias,” he said the other day. “So far I am being sued in various lawsuits totaling $58 million, and I have people calling me for tickets–the same people who, before the fight, I couldn’t even get on the telephone.”

The fight will be seen in at least 350 closed-circuit locations in America totaling 1.7 million seats, at prices ranging from $10 per ticket to $30. (Top price at Madison Square Garden is $150, but scalpers are already getting $500 per ticket.) “There’s never been anything like it in my lifetime,” says Perenchio, “very possibly since time began.”

Promoting the fight has not been without its problems. Perenchio simply took the map of America and the world, carved it out into various sections, and set a price tag on each for the closed-circuit rights. If the price was met, the rights were granted. If not, they were withheld. So far, more than 20 auditoriums in the U.S. have been withheld from potential entrepreneurs because of Muhammad Ali’s conviction on draft evasion charges.

The fight will be seen live in Canada, Peru, Argentina, Mexico, Japan, and in England at 4 a.m. There would be considerably more outlets if there were enough time. ‘We only had two months really to promote it,’ complained Perenchio. “We’re like a guy in an orchard with only a limited amount of time to pick the fruit. We can only get at the lower branches.”

Perenchio is not overlooking any way to make money from the event. Besides the expected $20 million to $30 million gross anticipated from the fight itself, he is selling the rights to the souvenir program, between-rounds commercials, a special poster and post-fight movie–to be delayed for six months–for a total of $4 million. “We haven’t sold it yet, in fact we’ve only had a few offers of $500,000 or $250,000. We just don’t want to schlock it.”

On top of all this, Perenchio actually plans to seize both boxers’ trunks and gloves so that he can auction them off later. “If they can sell Judy Garland’s red Oz shoes for $15,000, then we should get at least as much for these,” he said. “We get a little blood on the trunks, it makes them all the more valuable.”•