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 noted theater architect Thomas W. Lamb, it was built at the cost of $4.75 million in 249 days by boxing promoter Tex Rickard; the arena was dubbed "The House That Tex Built." The arena was by , with seating on three levels, and a maximum capacity of 18,496 spectators for boxing. Demolition commenced in 1968 after the opening of the current Garden, and was completed in early 1969. The site is now the location of One Worldwide Plaza. In 1959, Graham-Paige purchased a controlling interest in the Madison Square Garden. In November 1960, Graham-Paige president Irving Mitchell Felt purchased from