Many people thought that Liston was connected with the Mafia before the fight, and the knockout proved their point even further. It was rumored that Liston was payed over one million dollars yet only got to keep 13,000 of it due to the mob taking it from him. Ali had recently converted to Islam and the "Black Muslims" with whom he sided, were after Liston.
Ali was around 10 years younger than Liston and slowly climbing up the ranks of boxing. Therefore, I interpret the picture as the birth of a sports icon and the death of an old one. The picture does a fantastic job of capturing Ali's ego which was overflowing with arrogance and excitement.
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