Nicklaus-Tied Family Office Approved to Buy Golf Assets (1)

A family office tied to golf legend Jack Nicklaus and his son won bankruptcy court approval to buy the brand and assets of golf services business Nicklaus Cos. for $35.7 million.

North Palm Beach, Fla.-based 20 Majors LLC’s bid for the assets of Nicklaus Cos. was approved at a hearing Monday by Judge Craig T. Goldblatt of the US Bankruptcy Court for the District of Delaware following years of litigation.

20 Majors’ manager is Rory Brown, a managing partner of family office Nicklaus Brown & Co. whose other managing partner is Jack Nicklaus’ son, Gary Nicklaus. Gary Nicklaus is also CEO of the Nicklaus Family Office.

The sale approval comes after several years of disputes with Jack Nicklaus, who won 18 professional majors and two US amateurs during his career, that culminated in a $50 million defamation judgment for him against the company.

The deal ends a fight between Jack Nicklaus and businessman Howard P. Milstein over control of the company. Milstein, CEO of Emigrant Bank, previously controlled Nicklaus Cos. via his bank entities but resigned from the board shortly before the bankruptcy.

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 excludes golf course design, development, and real estate management, according to court records.

The Palm Beach Gardens, Fla.-based business filed for Chapter 11 in November.

“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 Jack Nicklaus’ attorney, G. David Dean of Cole Schotz PC.

As part of the sale agreement, Nicklaus will waive about $57 million worth of claims against the company, while Milstein-affiliated PMP Nick LLC agreed to not collect on $225 million in security claims, according to court records.

Milstein’s company will still be allowed a roughly $250 million unsecured claim against the estate.

PMP Nick had supplied a $145 million secured convertible loan to finance a 2007 deal shifting Nicklaus’ Golden Bear International to Nicklaus Cos., which Nicklaus controlled at the time. A Milstein company took over the board around 2011.

Because the company couldn’t make interest payments, the loan ballooned to more than $476 million, mostly through compounding interest, court records show.

While brand management company Iconix International Inc. had put in a higher starting offer for the assets, 20 Majors’ bid was deemed better because it’s part of a global deal that includes mutual releases of claims between Jack Nicklaus, Nicklaus Cos., and Milstein.

Jack Nicklaus himself will also receive $1.2 million payout at the sale closing.

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.

Nicklaus Cos. is also represented by Richards, Layton & Finger PA. Nicklaus is also represented by Stearns Weaver Miller Weissler Alhadeff & Sitterson PA. 20 Majors is represented by Morris, Nichols, Arsht & Tunnell LLP.

The case is GBI Servs. LLC, Bankr. D. Del., No. 25-12089, hearing 3/9/26.