Golf Legend Jack Nicklaus Suffers Disrespect and Embarrassment in Multi-Million Dollar Setback

Business partners often turn on each other when differences arise. Sometimes things go to an extreme, and hence partners turn into foes. The golf legend, Jack Nicklaus, recently experienced the same firsthand. As his relationship with his partner, Howard Milstein, worsens, the golf pro reveals the details of the heartbreaking incidents and lawsuits.

Things go sour between a business partner and Jack Nicklaus

The 18-time major winner began focusing on his golf course design business in 2005, soon after his magnificent golf career. The legend partnered with Emigrant Bank, which is owned and controlled by Howard Milstein. Jack was to retain the majority of the shares of the new company.

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Milstein bought 49% of Nicklaus Companies LLC, and in return, the golf legend was to receive $145 million and a 51% controlling interest. But when the great recession hit, additional financing was required. Milstein gladly funded the company in return for control over the company and its operations.

The 83-year-old wasn’t pleased with his situation in the company, which had started as his own but was now controlled by Milstein. He wasn’t given any respect or freedom. He said, “Once Howard had permanent control of the company, he acted as if he owned me.” The golf great added, “I always tried to be respectful, but there was no respect in return.”

Nicklaus faces a law suit

In 2017, Nicklaus had had enough. He decided to leave his employment and serve his five-year period, which would then allow him to design courses independently. But Milstein wasn’t done with Nicklaus yet. He announced earlier this year that he was suing Nicklaus’ employee and friend, Scott Tolley. The reason was that he had engaged in work on Jack’s behalf.

Early in May, Nicklaus resigned from all directorships and gave up his seat on the board. Howard filed a lawsuit against him that same month. Each side is currently gathering information to strengthen its case.

Two weeks ago, Nicklaus Companies succeeded in obtaining an injunction that prevents Jack Nicklaus from signing any new endorsement deals as long as the proceedings are underway. Nicklaus saw his own company turned against him by Milstein. He said, “I went from being the company’s owner to being a disrespected employee.”

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How long will it be before Nicklaus receives justice, and how much damage will have been done by then? Let us know what you think in the comments below.