'%20x='0'%20y='0'%20height='100%25'%20width='100%25'%20%0A%20%20%20%20%20%20%20%20%20%20xlink%3Ahref='data:image/jpg;base64,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'%3E%3C/image%3E%3C/svg%3E)
Jack Nicklaus-founded Nicklaus Companies filed for bankruptcy, after $50 million was awarded to Jack Nicklaus last month for the GOAT’s defamation lawsuit against the company. This Friday, the Nicklaus Companies filed for Chapter 11 bankruptcy.
They said that they did it to protect the employees, clients, and ongoing business operations. In the filing, the Nicklaus Companies listed assets of $10 million to $50 million and liabilities of between $500 million and $1 billion. About the same, Phil Cotton, a member of the company, said [via GolfDigest75]:
“We take this step to protect our brand, our client relationships, and -most importantly - our employees. We are dedicated to protecting the brand and continuing to offer the highest standard of service to our clients all over the world.”
Trending
The Nicklaus Companies was launched in 2007 with a $145 million deal between Nicklaus and Millstein. Milstein owned the course design, marketing, and golf-equipment businesses.
Jack Nicklaus receives $50 million in defamation lawsuit
Jack Nicklaus was awarded $50 million in a defamation lawsuit against the Nicklaus Companies. The company was owned by the banker, Howard Milstein. Nicklaus, who previously co-owned the company, filed a lawsuit against Milstein and other company officials because of their statements in court.
The statements said that Nicklaus entered into a $750 million deal to become the face of LIV Golf. Later, Nicklaus turned down the claims, and his attorney, Eugene Stearns, told ESPN how a defamation case caused damage to Nicklaus' reputation. He said in 2025:
“It's always hard in a defamation case to prove damages to reputation, because in particular for a guy like Jack, it's always such a good one. But I think what was important was the dispute that arose 3.5 years ago when the company told the world that Jack was selling out the PGA Tour for the Saudi golf, when it was not true. So, we're happy that Jack's been vindicated.. What they said was, ‘You need to have the keys taken away’. But the combination of all of that was unfortunate, and we're happy that this is all soon going to be behind Jack, and hopefully the Nicklaus Companies will do fine, as well. But it was an unfortunate incident, and hopefully now it's over.”
At the time of the lawsuit, Nicklaus said:
“The claims made by Howard Milstein are untrue. Our relationship has been a difficult one, at best. I have little doubt about the outcome, but I don't intend to make this a public spectacle, if it can be avoided.”
Jack Nicklaus resigned from the company in 2017 and entered into a five-year deal, which stipulated that the GOAT wouldn't be able to design courses independently. He stepped back from the company board of members' position in 2022.
