Legendary golf course company files Chapter 11 bankruptcy

Golf continues to be a popular participation sport for millions of Americans, as a record-setting 47.2 million Americans age 6 or above played golf on-course or off-course in 2024, according to the National Golf Foundation.

The sport’s popularity was apparent this week as world-renowned golf brand Topgolf Callaway Brands Corp. revealed that it signed an agreement to sell a 60% stake in its Topgolf and Toptracer business to private equity funds managed by Leonard Green & Partners for about $1.1 billion, according to a Nov. 18 statement.

Topgolf Callaway operates over 100 Topgolf high-tech driving ranges, with restaurants and bars.

The golf industry hasn’t been a complete success, however, as several golf businesses have filed for Chapter 11 protection in 2025. Among the bankruptcy filings was PinSeekers DeForest, a DeForest, Wis., competitor of Topgolf, which filed for Chapter 11 in February 2025. The company operates a Pinseekers hybrid-golf entertainment venue.

Among the notable golf course bankruptcy filings this year have been Meadows Country Club in Sarasota, Fla., which filed for Chapter 7 liquidation in July, Business Observer reported.

Also, Wohali Land Estates LLC’s golf course and luxury home project in Coalville, Utah, filed for Chapter 11 bankruptcy in August with about $13 million in debt, The Park Record reported.

And now one of the biggest names in the golf industry is filing for bankruptcy.

Nicklaus Companies LLC, the iconic golf-course designer and developer of golf and real estate communities, filed for Chapter 11 bankruptcy protection after losing a $50 million damages judgment in a lawsuit filed against the company by founder, former co-chair, and golf legend Jack Nicklaus.

The Palm Beach Gardens, Fla., debtor and 11 affiliates filed their petition in the U.S. Bankruptcy Court for the District of Delaware on Nov. 21, listing $10 million to $50 million in assets and $500 million to $1 billion in liabilities.

Nicklaus Companies filed for bankruptcy to protect its employees, clients, and business operations as it proactively addresses its long-term funded indebtedness and other liabilities, the company said in a statement.

The debtor listed its largest unsecured creditors in its petition, including Integrato LLC, owed over $47,000; Flow Dynamics LLC, owed over $36,000; Golf House Spa, owed over $35,000; Meridian Air Charter, owed over $32,000; Generational Equity, owed $20,000; Jeffrey Kao, owed over $16,000; and Bank Rate LLC, owed over $5,000.

The debtor did not list the Jack Nicklaus plaintiffs’ $50 million judgment as an unsecured debt in the petition.

• Integrato LLC, owed over $47,000

• Flow Dynamics LLC, owed over $36,000

• Golf House Spa, owed over $35,000

• Meridian Air Charter, owed over $32,000

• Generational Equity, owed $20,000

• Jeffrey Kao, owed over $16,000

• Bank Rate LLC, owed over $5,000

Nicklaus Companies disputes the lawsuit verdict and will seek an appeal, the company said. It will also pursue debtor-in-possession financing to fund company operations and its bankruptcy case.

“We take this step to protect our brand, our client relationships, and — most importantly — our employees,” Nicklaus Companies CEO Phil Cotton said in a statement. “We are dedicated to protecting the brand and continuing to offer the highest standard of service to our clients all over the world.”

Jack Nicklaus won a $50 million defamation lawsuit verdict against the Nicklaus Companies on Oct. 20, alleging that the defendants had falsely insinuated that the golf legend had entertained a $750 million offer to become the public face of the Saudi Arabian LIV Golf League and spread the fabrications to media organizations, Golf Digest reported.

Nicklaus also accused the defendants in court papers of suggesting he lacked mental capacity to manage his affairs and had dementia, the report said.

More bankruptcy:

In addition to its golf course designing and golf and real estate community developments, Nicklaus Companies markets and licenses products worldwide under the Jack Nicklaus and Golden Bear brands.

Affiliate Nicklaus Design has created over 420 golf courses in 45 countries and 40 U.S. states, according to the company website.

Nicklaus Companies lists 26 brand partners on its website.

The company most recently completed a nearly $10 million restoration and reopening of Desert Highlands in the Sonoran Desert of North Scottsdale, Ariz., according to a Nov. 20 statement.

Desert Highlands was the original home of PGA golf exhibition The Skins Game, when it debuted in 1983. The Skins Game will return for the first time since 2008 at Panther National in South Florida on Nov. 28, 2025.

Related: Major health services provider files for Chapter 11 bankruptcy

This story was originally reported by TheStreet on Nov 22, 2025, where it first appeared in the Latest Business & Market News section. Add TheStreet as a Preferred Source by clicking here.