Jack Nicklaus wins $50M lawsuit against Nicklaus Companies

Jack Nicklaus was awarded $50 million by a Florida jury in his lawsuit against his former business, Nicklaus Companies.

The suit was filed in response to statements made by company officials during litigation in a suit filed in New York. In that case, the company sought to have Nicklaus barred from using his own name in his business ventures, but it was dismissed by the judge.

In his countersuit, Nicklaus contended that the defendants had falsely testified -- and distributed the comments to the media -- that the golf legend had considered a $750 million offer to endorse the Saudi Arabian-financed LIV Golf League.

Nicklaus also charged that the defendants implied the 85-year-old was suffering from dementia and could not handle business matters.

According to court documents, Nicklaus wasn't interested in becoming the face of LIV because he considered the PGA Tour to be part of his history and wouldn't represent a rival league. On the tour, he won 73 titles and 18 major tournaments.

The jury ruled that comments made by company officials created "ridicule, hatred, mistrust, distrust or contempt" of the golfer. The verdict was issued Monday.

A $145 million loan in 2007 from a bank owned by New York billionaire Howard Milstein effectively gave Milstein control of Nicklaus' golf course design business and all branding rights. Nicklaus resigned in 2017, triggering a five-year noncompete clause for his golf course designs and the eventual New York litigation.

Milstein and company executive Andrew O'Brien were cleared of personal liability by the jury.

--Field Level Media