Jack Nicklaus got his wish in the latest PGA Tour announcement. Read on for details 👇 👇
Jack Nicklaus got his wish in the latest PGA Tour announcement. Read on for details 👇 👇
Last month, neutral arbitrator David Richter ruled that Nicklaus is no longer bound by a non-compete agreement with Nicklaus Companies, the company the golfer founded but now controlled by Milstein. “The arbitrator found that I’ve served my sentence and that the non-compete can be lifted. Now I can do whatever I want,” Nicklaus said in an interview on Wednesday. “He can go back to designing golf courses under his own name.”
Milstein’s representative responded, “No.” “Nothing has changed.”
A spokesman said, “If Jack wants to design courses and use his name commercially, he will still have to do it through the Nicklaus Companies.” This is debatable. Nicklaus said he already has golf projects in development outside the company and it’s unclear whether Milstein will be able or will try to block them. But one thing is clear: While Nicklaus may have won this battle, the war with Milstein continues. And more:
Mr. Millstein, a multibillion-dollar New York real estate heir and owner of the largest private bank in the United States, invested $145 million in the Nicklaus Companies in 2007 and became the controlling shareholder. (Milstein also owns a number of golf-related businesses, including golf magazines and websites.
Nicklaus grew frustrated with Milstein’s management and tried to leave the company altogether in 2017. Since then, Nicklaus has been trying to go independent, including his work as a golf course designer, and Milstein has tried to force his way out. Nicklaus will continue to sell his services through Nicklaus Companies. In 2022, Milstein filed suit against Nicklaus in New York state court. In a tentative decision (the case is expected to be decided in 2025), the judge ruled in favor of both parties. He said Nicklaus could continue to design courses, but could not market them under terms the company still holds, such as “Golden Bear” or “Jack Nicklaus Signature.” Milstein also argued that Nicklaus could not sell its services outside of the Nicklaus Companies due to a five-year non-compete agreement. But an arbitrator ruled that the five-year limit had already expired and denied the claim. Does this mean Nicklaus also won the right to use his name again to market his golf course designs? Nichus is called Jesus. Millstein is no. Further lawsuits in New York solve this problem. One day. Until then, Nichraus said in another case that he continued Millstein in front of the Florida Court for a loss of honor ATION, and accepted an offer to participate in the Golf Livea for Saudi. Then Millstein said he lied. This case is also pending.
The wider question, of course, is why this billionaire war vs. You can’t make a peace deal with a billionaire and a 70-year-old and an 80-year-old. (Milstein is 73; Nicklaus is 84.) In part, it seems the two alpha males simply hated each other, but Nicklaus makes a broader point. “Sitting at home drives me crazy,” he told me. “I love the atmosphere and fun of building a golf course.” And Nicklaus would like to continue the work with his sons, who have become close to him personally and professionally in recent years. “Because of this victory over the umpire, my family can carry my name and image into the future.” I know that at this age my resources are limited, but I hope I can have a few more good years. But my children are free now. » And Nicklaus, filled with the same joy he got from winning 18 majors, added: »I will live forever!«
