Golf Services Business Founded by Jack Nicklaus Files Bankruptcy After $50 Million Defamation Verdict in His Favor

Nicklaus Cos., a golf-course designer and marketer of Jack Nicklaus products, has filed for bankruptcy after being hit with a $50 million defamation verdict in favor of the legendary golfer and company founder.

The Palm Beach Gardens, Fla.-based company lost a defamation lawsuit to Nicklaus last month stemming from allegedly false statements about how Nicklaus wanted to accept a leadership role with LIV Golf, the Saudi-backed league. Nicklaus Cos. also owes nearly $500 million to financial lenders, according to papers filed in the U.S. Bankruptcy Court in Wilmington, Del.