Jack Nicklaus, with a big assist from the owner of the Los Angeles Lakers and Dodgers, once again owns his namesake company.
Not to mention his name.
After nearly two decades of corporate disputes, personality clashes and lawsuits, Nicklaus has bought the Nicklaus Companies out of bankruptcy. Jack and his family, through his new investment company called 20 Majors, LLC, made the move last week, snapping up the core business and intellectual property of the Nicklaus Companies, which filed for Chapter 11 last fall after losing a $50 million defamation lawsuit against Nicklaus.
Nicklaus formed 20 Majors with regard to TWG Global Holdingsthe main investment vehicle of billionaire Mark Walter, who is serving as a strategic partner and financial backer. The 20 Majors, named to reflect Jack’s major championship victories (including his two US Amateur titles), will be owned and managed by Nicklaus Companies.
“I am truly pleased to join forces with TWG Global to market the Nicklaus brand and expand on the tremendous success of Nicklaus Golf’s golf course design business.”
Ironically, for the past decade, Nicklaus was not involved at all with the golf course design firm that bears his name. In fact, he didn’t even own the rights to the name, likeness or even his famous Golden Bear logo.
This will require an explanation.
How it all unfolded
Nicklaus Companies dates back to 1970 when Jack started Golden Bear International, an umbrella company for his growing business ventures off the course, including golf course design. In 2007, Jack and financier Howard Milstein agreed to a $145 million deal to form the Nicklaus Companies, which operated under the ownership of Milstein’s holding company, 8AM Golf. The new entity officially owned Jack’s name, image and likeness, and covered anything and everything bearing Jack’s name, from clothing to gadgets to calendars. It also included Nicklaus Design which soon expanded globally through international golf courses and real estate developments.
It wasn’t long before the Milstein-Nicklaus relationship soured. Tensions between the two simmered for the next decade before finally boiling over in 2017. Jack resigned from the company, triggering a five-year non-compete agreement. This agreement prevented Jack from designing golf courses, endorsing products or even using his name in any commercial venture.
In 2018, Milstein acquired Golf Magazine and Golf.com, consolidating them into 8am Golf. 8AM also owns national club fitter True Spec Golf, GolfLogix GPS and stats tracking app, Fairway Jockey, Club Conex and the US interests of Japanese manufacturer Miura.
The non-compete ended in 2022, and Jack wanted court confirmation to use his name again for golf course projects. The Nicklaus Companies immediately sued Jack to prevent this from happening. That lawsuit was dismissed by a New York judge in early 2025.
Jack then filed his defamation suit against the Nicklaus Companies. The lawsuit accused company executives of spreading false stories about him in the industry and in the media. Specifically, she claimed that executives were saying that Jack was mentally incompetent, suffering from dementia and unable to manage his own affairs. The lawsuit also alleged that the company published a story that Nicklaus had secretly agreed to a $750 million settlement with LIV Golf.
Jack wins in court
Last October, a Florida jury ruled in Jack’s favor, awarding him $50 million in damages. Less than a month later, The Nicklaus Companies filed for Chapter 11 bankruptcy. Reports at the time said the company was facing liabilities of $500 million to $1 billion with assets of less than $50 million.
At the time, Nicklaus Companies executives vowed to reorganize and keep the company afloat. Meanwhile, Jack and Walter formed the 20 Majors. The deal to buy Nicklaus Companies out of bankruptcy was finalized last week. None of 8am Golf’s other holdings are included, as they were not affected by the bankruptcy of the Nicklaus Companies.
Walter is a serious player in the world of business and sports. He and TWG bought the Lakers last year for about $10 billion, the highest price ever for a sports franchise. TWG, through a subsidiary called Guggenheim Baseball Management, also owns controlling interests in the Las Angeles Dodgers.
Walter serves as chairman of the team and is the largest individual owner.
Jack Nicklaus and TWG Global: How will this new partnership work?
20 Majors LLC will be operated by the Nicklaus family with TWG serving as its long-term strategic partner. The official word is that TWG will help restructure and stabilize Nicklaus Companies after it emerges from bankruptcy.
No word on what percentage ownership TWG Global has in the Major 20. TWG specializes in capital investments combined with operational involvement. Its reputation is for partnering with strong brands with latent value, working to grow them over the long term.
What the partnership means in the long run is irrelevant at this point. Jack and his heirs finally have control over the name, image and likeness of the 85-year-old legend. Most importantly for Nicklaus, he now controls his own golf course design firm.
Twenty years of strife, legal battles and lawsuits are finally over for Nicklaus. The keys to the house that Jack built are finally back in Jack’s hands.
