Bankrupt golf services business Nicklaus Cos. tapped a $50 million offer by brand management company Iconix International Inc. to set the floor price for bidding for its licensing business.
Under the proposal, Iconix would buy the licensing and commercialization of the “Jack Nicklaus” and “Golden Bear” brands of Jack Nicklaus’ former golf services business, according to a Tuesday notice in the US Bankruptcy Court for the District of Delaware.
The deal doesn’t include Nicklaus Cos.’ golf course design and real estate development businesses. Iconix would be paid a $1.5 million break-up fee and $500,000 in expense reimbursement if it’s outbid ...
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