Jack Nicklaus’ win in court has led to Nicklaus Companies filing for bankruptcy.
The legendary golfer won a $50 million defamation suit last month against his former company, and while Nicklaus Companies will appeal the ruling, the company filed for Chapter 11 bankruptcy on Friday in an effort to protect itself.
The lawsuit stemmed from Nicklaus alleging his former company falsely claimed Nicklaus entertained a $750 million offer to become a part of the LIV Golf league, which is financially supported by Saudi Arabia, and that Nicklaus had dementia and was therefore unable to manage his affairs, according to Golf Digest.
Jack Nicklaus (r.) and his wife, Barbara (l.), after the final round of the Memorial in Dublin, Ohio on June 1, 2025. Icon Sportswire via Getty Images
The bankruptcy filing for Nicklaus Companies listed estimated assets of $10 million to $50 million, with liabilities between $500 million and $1 billion, Bloomberg News reported Saturday.
Nicklaus Companies CEO Phil Cotton, in a statement, said, “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.”
Nicklaus Company executive chairman Howard Milstein and another company executive, Andrew O’Brien, were named in the lawsuit, but were not ruled to be personally liable.
The verdict came after a lawsuit was dismissed earlier in the year from Nicklaus Companies, which would have blocked the legendary golfer from using his name, image and likeness to promote his golf course design business following his departure from the company that was founded in 2007.