Julius Erving sells majority rights to 'Dr. J' name, image

Pro Basketball Hall of Famer Julius Erving sold majority rights to his name and image to Authentic Brands Group on Tuesday.

Terms of the deal were not disclosed, but sources say that Erving will get an upfront guarantee as well as royalties associated with the deal.

As part of the contract, ABG has filed for the trademark to "Dr. J" as well as Erving's signature in the US and in various countries.

ABG president and chief marketing officer Nick Woodhouse said the company will use Erving's name and image to expand into luxury, travel and corporate partnerships as well as do licensing deals and merchandise his name.

It's the second deal made in the past few months by ABG, who structured a similar deal with Shaquille O'Neal earlier this year. ABG also controls the licensing rights to Muhammad Ali, Marilyn Monroe and Elvis Presley and owns sports brands including Prince, Spyder, Tapout and Tretorn.

In many ways, Erving was the original athlete-businessman for NBA players. His first deal with Converse was worth an unprecedented $20,000. Erving was also part of the first licensed video game "Dr. J vs Larry Bird," which was released by Electronic Arts in 1983. As part of his endorsement, Erving took the option to purchase 20,000 shares of the company at $1 a share. He held on to it, which was eventually worth millions. He also was an investor in a Philadelphia-based Coca-Cola bottling plant for more than 20 years.

Erving, considered the father of the slam dunk, played for five years in the ABA with the Virginia Squires and the New York Nets before the merger with the NBA. He then played more than a decade with the Philadelphia 76ers, leading them to a title in 1983. Erving, whose number is retired by both the 76ers and the Nets, was inducted into the Pro Basketball Hall of Fame in 1993.