In today’s world, “name, image and likeness” deals gone wrong typically are reserved for college athletes.
Few if any of those NIL deals involving college football and basketball players making millions as “amateur” athletes can hold a candle to the drama involving Jack Nicklaus.
After nearly 20 years of turmoil capped by the golfer winning a $50 million defamation suit, Nicklaus recently re-acquired the company that bears his name along with all use of his name, image and likeness.
The acquisition in late March by a Nicklaus-led group known as 20 Majors comes in the wake of Nicklaus winning a defamation suit late last year against the company that bears his name. The Nicklaus Cos., with which the golfer no longer was associated, filed for Chapter 11 bankruptcy protection soon after, and a bankruptcy court in Florida approved the $35.7 million acquisition deal in March.
Nicklaus formed 20 Majors with the investment firm TWG Global Holdings. The name 20 Majors reflects Nicklaus’ major championship victories (18 professional and two U.S. Amateur titles). The newly formed company will own and manage Nicklaus Cos.
Nicklaus’s business dealings began in 1970 with the formation of Golden Bear International, the parent company for his various businesses, including his course-design firm. In 2007, he sold his businesses to Howard Milstein for $145 million under the name Nicklaus Cos., which controlled the golfer’s name, image and likeness for all business purposes.
When the golfer retired in 2017, a five-year, no-compete contract prevented him from doing any work outside the Nicklaus Cos. Upon expiration of that deal in 2022, Nicklaus sought to affirm his right to again use his own name for business purposes, particularly for his golf course design business. Soon after, the Nicklaus Cos. sued the golfer, alleging breach agreements, including charges that Nicklaus was involved in talks to join the LIV Golf League. The suit also alleged Nicklaus was not capable of handling his own business dealings.
That suit was dismissed in 2025, and the golfer countersued alleging the charges damaged his reputation and potential business dealings. A jury awarded Nicklaus $50 million in the countersuit, and the following month Nicklaus Cos. filed for bankruptcy.
According to published reports in November, Nicklaus Cos. had liabilities of $500 million to $1 billion and less than $50 million in assets.
The sale, according to published reports, includes golf course design and real estate management interests, as well as licensing and commercialization of apparel, lifestyle products and retail services.
