And John Paul Newport Jack Nicklaus is getting a little help with his golf swing. The golf icon is selling a substantial minority stake in his company to New York real-estate mogul Howard Milstein to expand the
Nicklaus empire around the world, extending its reach in golf course-designs, clothing, equipment and real-estate. Under terms of the deal, expected to be announced today, Mr. Milstein will pay $145 million for
the stake in the newly formed Nicklaus Cos. LLC — which includes Mr. Nicklaus’s business ventures, such as course design, licensing of his name, and golf clubs. Mr. Nicklaus will remain
CEO and chairman, and the Nicklaus family will retain control. The deal allows Mr. Nicklaus to cash out of a portion of his business and also link up with a savvy real-estate and
banking chief as a long-term strategic partner. Mr. Milstein, a billionaire, owns several Manhattan skyscrapers and real-estate throughout the U.S. and Europe. The Nicklaus deal was done through Mr.
Milstein’s New York Private Bank & Trust business. It gives Mr. Milstein a plum investment in a fast-growing business that can expand rapidly overseas.
