The company emerged from bankruptcy in 1995 as a licensing business.

"The people running the licensing business had these brands in their childhood, and they appreciate the decreased risk of going with already proven track records."

And the players' licensing business has mushroomed into a $60 million-a-year industry on his watch.

But companies with successful licensing businesses have something in common - a sterling name.

It's now become the hottest area of the licensing business.

But the company always wanted to enter into the licensing business, realizing that would be the fastest way to expand the market.

He said the association received $2.2 million in royalties last year from its licensing business.

To them, he said, the licensing businesses are engaging in nothing more than legalized extortion.

Kizer said getting all the licensing business taken care of before May 5 would be tough.

Others said that the high value of its licensing businesses could lure a suitor willing to pay even $100 million or more.