Jack Nicklaus, with a big assist from the owner of the Los Angelas Lakers and Dodgers, owns his namesake company once again.
Not to mention his own name.
After nearly two decades of corporate strife, personality clashes and tit-for-tat lawsuits, Nicklaus has purchased 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 Nicklaus Companies which filed for Chapter 11 last fall after losing a $50-million defamation lawsuit to Nicklaus.
Nicklaus formed 20 Majors in conjunction with TWG Global Holdings, the primary investment vehicle of billionaire Mark Walter, who is serving as a strategic partner and financial backer. 20 Majors, named to reflect Jack’s major championship victories (including his two U.S. Amateur titles), will own and manage Nicklaus Companies.
“I’m truly pleased to join forces with TWG Global to market the Nicklaus brand and expand upon the great 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 bore his name. In fact, he didn’t even own the rights to name, likeness or even his famous Golden Bear logo.
That’s going to require some explanation.
How it all unfolded
Nicklaus Companies dates back to 1970 when Jack started Golden Bear International, an umbrella company for his growing off-course business ventures, including golf course design. In 2007, Jack and financier Howard Milstein agreed on a $145-million deal to form 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 apparel to gear to calendars. It also included Nicklaus Design which soon expanded globally through international golf course and real estate developments.
It didn’t take long for the Milstein-Nicklaus relationship to turn sour. 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. That agreement prevented Jack from designing golf courses, endorsing products or even using his own 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, the GolfLogix GPS and stat-tracking app, Fairway Jockey, Club Conex and the U.S. interests of Japanese manufacturer Miura.
The non-compete ended in 2022 and Jack wanted court confirmation to use his own name again for golf course projects. Nicklaus Companies promptly sued Jack to prevent that from happening. That suit was dismissed by a New York judge in early 2025.
Jack then filed his defamation lawsuit against Nicklaus Companies. The suit accused company executives of spreading false stories about him in the industry and to the media. Specifically, it claimed execs were saying Jack was mentally unfit, suffering from dementia and unable to manage his own affairs. The suit also alleged that the company floated a story that Nicklaus had secretly agreed to a $750-million deal with LIV Golf.
Jack wins in court
Last October, a Florida jury ruled in favor of Jack, awarding him $50 million in damages. Less than a month later, Nicklaus Companies filed for Chapter 11 bankruptcy. Reports at the time said the company was facing $500 million to $1 billion in liabilities with less than $50 million worth of assets.
At the time, Nicklaus Companies executives vowed to reorganize and keep the company operating. In the meantime, Jack and Walter formed 20 Majors. The deal to buy the Nicklaus Companies out of bankruptcy was finalized last week. None of the other 8AM Golf holdings are included, as those were unaffected by the Nicklaus Companies bankruptcy.
Walter is a serious player in the worlds of business and sports. He and TWG purchased the Lakers last year for an estimated $10 billion, the highest price ever for a sports franchise. TWG, through a subsidiary called Guggenheim Baseball Management, also owns controlling interest of the Las Angeles Dodgers.
Walter serves as the team’s chairman 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 as it emerges from bankruptcy.
There’s no word on what ownership percentage TWG Global has in 20 Majors. TWG specializes in capital investment combined with operational involvement. Its reputation is that it partners with strong brands with latent value, working to grow them over the long term.
What the partnership means over the long term is immaterial at this point. Jack and his heirs finally have control over the 85-year-old legend’s name, image, likeness. Most importantly to Nicklaus, he now controls his golf course design firm.
Twenty years of acrimony, legal wrangling and lawsuits are finally over for Nicklaus. The keys to the house that Jack built are finally back in Jack’s hands.
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