Golf legend Jack Nicklaus has won bankruptcy court approval to reacquire the brand and assets for Nicklaus Companies for $35.7 million.
20 Majors LLC, a North Palm Beach-based company tied to Nicklaus, got the go-ahead for the purchase in a ruling by Judge Craig T. Goldblatt of the U.S. Bankruptcy Court for the District of Delaware. The hearing was March 9.
The deal “reunites the company’s trademarks and intellectual property with the Nicklaus family,” and “preserves the legacy of the brand,” Nicklaus Cos. attorney David J. Cohen of Weil, Gotshal & Manges LLP said at the hearing.
A Palm Beach County jury awarded Nicklaus $50 million on Oct. 20 in a defamation lawsuit against the Nicklaus Cos. The jury found Nicklaus Cos. actively participated in the false publishing of facts that damaged Jack’s reputation and exposed him to “ridicule, hatred, mistrust, distrust or contempt.” The jury, though, cleared company executives, and Jack’s former business partners, billionaire banker Howard Milstein and Andrew O’Brien.
Nicklaus, 86, agreed to cease the litigation against Milstein and the $50 million defamation lawsuit, money he likely never would have seen from a company that filed for bankruptcy, and another $7 million in claims, according to Bloomberg News.
The assets being sold include licensing and commercialization of intellectual property of the Jack Nicklaus and Golden Bear brands for apparel, lifestyle products and retail services. The deal does not included golf course design, development, and real estate management.
The settlement preserves the band’s name for the Nicklaus family. Jack Nicklaus also will receive $1.2 million once the sale is closed.
“This sale marks the start of a new day for the company, but also an end to four years of litigation between Mr. Nicklaus and Mr. Milstein, a result I think everyone is happy to see,” said G. David Dean, Nicklaus’ attorney.
Nicklaus, who lives in North Palm Beach, won 18 professional majors and two U.S. amateurs.
The manager of 20 Majors is Rory Brown, who also is the managing partner of Nicklaus Brown & Co. along with Gary Nicklaus.
This article originally appeared on Palm Beach Post: Jack Nicklaus wins bankruptcy court approval to get back his brand
Reporting by Tom D’Angelo, Palm Beach Post / Palm Beach Post
USA TODAY Network via Reuters Connect
