Jack Nicklaus’ former firm information for chapter after golf legend wins $50M lawsuit

Jack Nicklaus’ win in court docket has led to Nicklaus Corporations submitting for chapter.

The legendary golfer received a $50 million defamation go well with final month in opposition to his former firm, and whereas Nicklaus Corporations will attraction the ruling, the corporate filed for Chapter 11 chapter on Friday in an effort to guard itself.

The lawsuit stemmed from Nicklaus alleging his former firm falsely claimed Nicklaus entertained a $750 million provide to change into part of the LIV Golf league, which is financially supported by Saudi Arabia, and that Nicklaus had dementia and was subsequently unable to handle his affairs, in line with Golf Digest.

The chapter submitting for Nicklaus Corporations listed estimated property of $10 million to $50 million, with liabilities between $500 million and $1 billion, Bloomberg Information reported Saturday.

Nicklaus Corporations CEO Phil Cotton, in a press release, stated, “We take this step to guard our model, our consumer relationships, and—most significantly— our workers. We’re devoted to defending the model and persevering with to supply the best commonplace of service to our purchasers everywhere in the world.”

Nicklaus Firm government chairman Howard Milstein and one other firm government, Andrew O’Brien, have been named within the lawsuit, however weren’t dominated to be personally liable.

The decision got here after a lawsuit was dismissed earlier within the yr from Nicklaus Corporations, which might have blocked the legendary golfer from utilizing his title, picture and likeness to advertise his golf course design enterprise following his departure from the corporate that was based in 2007.