Muhammad Ali victory in federal court forced the New York State Boxing Commission to reinstate Ali's license. He fought Oscar Bonavena at Madison Square Garden in December, an uninspired performance that ended in a dramatic technical knockout of Bonavena in the 15th round. The win left Ali as a top contender against heavyweight champion Joe Frazier. Ali and Frazier's first fight, held at the Garden on March 8, 1971, was nicknamed the "Fight of the Century", due to the tremendous excitement surrounding a bout between two undefeated fighters, each with a legitimate claim as heavyweight champions. Veteran boxing writer John Condon called
Madison Square Garden Company April 7, 1960, the Madison Square Garden Corporation merged with its majority shareholder Graham-Paige. On March 9, 1962, Graham-Paige changed its name to the Madison Square Garden Corporation to reflect their largest asset. On August 20, 1977, Gulf and Western Industries, which owned 81% of MSG's stock, purchased complete control of the corporation and turned it into a whole owned subsidiary. At the time of G&W's acquisition, the Madison Square Garden Corporation owned the arena, Knicks, Rangers, three horse tracks (Roosevelt Raceway, Arlington Park, and Washington Park Race Track), Holiday on Ice, and real estate holdings in Long Island, Manhattan,