Less than a month after losing a $50 million legal battle with company founder Jack Nicklaus, Nicklaus Companies has been forced to file for bankruptcy.<\/p>\n
The 18-time major winner lodged a defamation suit against his former company due to comments made during a previous lawsuit which alleged that the Golden Bear was considering a $750 million offer to become one of the figureheads of the Saudi-backed LIV Golf League.<\/p>\n
Nicklaus\u2019 legal team presented evidence that a Nicklaus Companies executive had arranged a meeting to discuss a Nicklaus-designed golf course in Saudi Arabia, and that it was at that meeting that Nicklaus discovered that he was being sought as one of the faces of the new league.<\/p>\n
\u201cAccording to Nicklaus, he had no interest in the offer and declined because he felt the PGA Tour was an important part of his legacy, and if the PGA was not in favour of a new league, he did not want to be involved,\u201d the court documents said.<\/p>\n
It was alleged that Nicklaus Companies had disseminated the rumours of Jack\u2019s interest in taking up the offer, and that Jack\u2019s reputation had suffered as a result and the legendary golfer has been subjected to\u00a0\u201cridicule, hatred, mistrust, distrust or contempt.\u201d<\/p>\n
The ruling went in Jack\u2019s favour, and the company were ordered to pay $50 million in damages to the six-time Masters winner, but just one month later, Nicklaus Companies has announced its intent to file for bankruptcy.<\/p>\n
In a statement, the company explained the decision.<\/p>\n
\u201cTo protect its employees, clients, and ongoing business operations, Nicklaus Companies LLC (the \u2018Company\u2019) and certain of its subsidiaries today announced that they have commenced voluntary chapter 11 cases in the United States Bankruptcy Court for the District of Delaware.<\/p>\n
\u201cThe filing will allow the Company to proactively address its long-term funded indebtedness and other liabilities, as well as a jury verdict returned in a Florida state court last month following a lawsuit filed by company founder and former Co-Chair Jack Nicklaus.<\/p>\n
\u201cThe jury ruled in favor of two Nicklaus Companies\u2019 executives but awarded $50 million in damages against the Company.\u201d<\/p>\n
The company also suggested that it was considering appealing against the verdict.<\/p>\n","protected":false},"excerpt":{"rendered":"Less than a month after losing a $50 million legal battle with company founder Jack Nicklaus, Nicklaus Companies…\n","protected":false},"author":2,"featured_media":596553,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4106],"tags":[2826,6988,187538,79,16,15],"class_list":{"0":"post-596552","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-golf","8":"tag-golf","9":"tag-jack-nicklaus","10":"tag-nicklaus-companies","11":"tag-sports","12":"tag-uk","13":"tag-united-kingdom"},"share_on_mastodon":{"url":"https:\/\/pubeurope.com\/@uk\/115620143792980053","error":""},"_links":{"self":[{"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/posts\/596552","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/comments?post=596552"}],"version-history":[{"count":0,"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/posts\/596552\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/media\/596553"}],"wp:attachment":[{"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/media?parent=596552"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/categories?post=596552"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/tags?post=596552"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}