Jack Nicklaus sued by the company he created
Jack Nicklaus, the ‘original golf emperor’, can use his name again when designing or designing golf courses in the future.
It’s an unexpected story, but Nicklaus was sued by the Jack Nicklaus Company that bore his name last May, and he couldn’t use his name in business for about 7 months.
The New York State Supreme Court ruled on the 14th (US time) that Jack Nicklaus, who was sued, can use his name in design work. Nicklaus was sued by Howard Milstein, chairman of 8AM, a financial investor who bought his company’s brand in 2007.
In 2007, Nicklaus transferred a 49% stake in Jack Nicklaus Company to New York Private Bank & Trust, run by Chairman Milstein, for $145 million (189.6 billion won). At the time, Nicklaus signed a contract to continue working to expand the brand. However, it was sued by 8AM in a New York State court in May.
The reason for the lawsuit was that “Nicklaus engaged in malicious conduct contrary to the best interests of the company, including willfully and maliciously damaging the company.”
According to the complaint, Nicklaus attended the Otter Open of the DP World Tour held in Belgium, promoted the event without consultation with the company (Jack Nicklaus Company), participated in the development of Masters and PGA Tour video games without consultation with the company, expressed opinions, It was said that they discussed receiving an offer of 100 million dollars from Live Golf, which is operated by the fund. 메이저사이트
As a result of the lawsuit, Nicklaus has since been unable to use his name or represent any of his course designs at official events. With more than half of his stake gone, there was nothing Nicklaus could do.
The court sent a helping hand to the 82-year-old veteran. After a three-day hearing late last month, the New York Supreme Court ruled that Nicklaus could use his name for golf course design and other businesses, except for his commercial endorsements.
Accordingly, Nicklaus’ side announced, “Although his Jack Nicklaus Company, which transferred his share, will no longer be available, the course design will be continued through a new company called 1-JN in the future.”
The late years of a legendary player who won 18 majors, the most ever on the PGA Tour, and designed more than 300 courses around the world, including Muirfield Village in Columbus, where the annual big event Memorial Tournament is held, have a gloomy shadow. It was thickly cast.