Jack Nicklaus loses NIL case, no longer has NIL rights

[Obliviax]

because he sold them to the Nicholaus Corporation which now owns it.

Kids gotta be careful. A kid like Allar could sell his NIL and lose hundreds of millions if he becomes the next NFL superstar QB.

Jack Nicklaus Loses Claim to Name in NIL Business Licensing Case

A federal judge in Florida on Tuesday dismissed part of Jack Nicklaus’ intellectual property case against a company that paid the 83-year-old golf legend for the right to use his name, image and likeness, and to register trademarks on his behalf. Judge Robin Rosenberg granted a motion to dismiss...

sports.yahoo.com

 

[fkkkjm]

Seems very risky to sign away your NIL in perpetuity. I would think you’d have to want to maintain some level of authorization as the counterparty develops business ideas. Also, as Jack is finding out, you lose all control to develop those deals yourself l.

 

[psu1969a]

Remember to read the fine print. Never sign when you have not read and understand everything for which you are agreeing.

 

[fastlax16]

Tough break for him I guess but I'm not going to feel to bad for him considering he netted 145,000,000 in the transaction.

 

[Obliviax]

Tough break for him I guess but I'm not going to feel to bad for him considering he netted 145,000,000 in the transaction.

yeah...I think the problem is that the company now owning the NIL can ruin your reputation. for example, what if they sell his NIL to "Only Fans" or Bud Light? He can no longer control the brands he is affiliated with. I am sure Jack has plenty of money.

 

[fastlax16]

yeah...I think the problem is that the company now owning the NIL can ruin your reputation. for example, what if they sell his NIL to "Only Fans" or Bud Light? He can no longer control the brands he is affiliated with. I am sure Jack has plenty of money.

He also had access to very good lawyers.

 

[RickinDayton]

because he sold them to the Nicholaus Corporation which now owns it.

Kids gotta be careful. A kid like Allar could sell his NIL and lose hundreds of millions if he becomes the next NFL superstar QB.

Jack Nicklaus Loses Claim to Name in NIL Business Licensing Case

A federal judge in Florida on Tuesday dismissed part of Jack Nicklaus’ intellectual property case against a company that paid the 83-year-old golf legend for the right to use his name, image and likeness, and to register trademarks on his behalf. Judge Robin Rosenberg granted a motion to dismiss...

sports.yahoo.com

Wow, I guess they might need to retain lawyers to ensure they aren't doing what Jack did.

 

[The Spin Meister]

Seems very risky to sign away your NIL in perpetuity. I would think you’d have to want to maintain some level of authorization as the counterparty develops business ideas. Also, as Jack is finding out, you lose all control to develop those deals yourself l.

Yep. Shoulda insisted on right of refusal for his NIL. Would have gotten less but would have had some control.

 

[91Joe95]

Tough break for him I guess but I'm not going to feel to bad for him considering he netted 145,000,000 in the transaction.

Yeah, that's a pretty significant chunk of change he netted. I doubt he could have accrued that or anything as close without selling over the rights.

 

[Hugh Laurie]

because he sold them to the Nicholaus Corporation which now owns it.

Kids gotta be careful. A kid like Allar could sell his NIL and lose hundreds of millions if he becomes the next NFL superstar QB.

Jack Nicklaus Loses Claim to Name in NIL Business Licensing Case

A federal judge in Florida on Tuesday dismissed part of Jack Nicklaus’ intellectual property case against a company that paid the 83-year-old golf legend for the right to use his name, image and likeness, and to register trademarks on his behalf. Judge Robin Rosenberg granted a motion to dismiss...

sports.yahoo.com

Jack:

“Look, I’m not naturally business-minded. I don’t think anybody’s naturally anything.”

“Cash is the kind of thing you always wish you had, only you’ve always got your money tied up, you know what I mean?,”

According to PGA Tour’s website, Jack only won $5.7 million in prize money. I guess he needed the cash early in his career and sold his NIL to make ends meet..

 

[The Spin Meister]

Jack:

“Look, I’m not naturally business-minded. I don’t think anybody’s naturally anything.”

“Cash is the kind of thing you always wish you had, only you’ve always got your money tied up, you know what I mean?,”

According to PGA Tour’s website, Jack only won $5.7 million in prize money. I guess he needed the cash early in his career and sold his NIL to make ends meet..

His career was decades ago. $5.7 is like $20 mil or more now. Plus he made millions in endorsement, golf course designs, and more.

 

[Hugh Laurie]

His Carter was decades ago. $5.7 is like $20 mil or more now. Plus he made millions in endorsement, golf course designs, and more.

​

Jack is now 83 years old and wasn't exactly swimming in dough early in his career. I'm sure it was tough to raise a family on the paltry purses they played for back in the day. He also incurred expenses travelling from tournament to tournament and paying out some of his winnings to his caddies. I can understand him selling his NIL rights back then for supplemental cash. Just saying.

​

Jack Nicklaus’ 18 Major Wins and Earnings​

1962 U.S. Open – $17,500

1963 Masters – $20,000

1963 PGA Championship – $13,000

1965 Masters – $20,000

1966 Masters – $20,000

1966 British Open – $15,000

1967 U.S. Open – $30,000

1970 British Open – $40,000

1971 PGA Championship – $40,000

1972 Masters – $25,000

1972 U.S. Open – $30,000

1973 PGA Championship – $45,000

1975 Masters – $40,000

1975 PGA Championship – $45,000

1978 British Open – $125,000

1980 U.S. Open – $55,000

1980 PGA Championship – $60,000

1986 Masters – $144,000

 

[Obliviax]

​

Jack is now 83 years old and wasn't exactly swimming in dough early in his career. I'm sure it was tough to raise a family on the paltry purses they played for back in the day. He also incurred expenses travelling from tournament to tournament and paying out some of his winnings to his caddies. I can see him selling his NIL rights back then for supplemental cash. Just saying.

​

Jack Nicklaus’ 18 Major Wins and Earnings​

1962 U.S. Open – $17,500

1963 Masters – $20,000

1963 PGA Championship – $13,000

1965 Masters – $20,000

1966 Masters – $20,000

1966 British Open – $15,000

1967 U.S. Open – $30,000

1970 British Open – $40,000

1971 PGA Championship – $40,000

1972 Masters – $25,000

1972 U.S. Open – $30,000

1973 PGA Championship – $45,000

1975 Masters – $40,000

1975 PGA Championship – $45,000

1978 British Open – $125,000

1980 U.S. Open – $55,000

1980 PGA Championship – $60,000

1986 Masters – $144,000

Yep. However, most estimates have his total net worth at between $400m and a billion dollars today. Not so bad!

 

[The Spin Meister]

​

Jack is now 83 years old and wasn't exactly swimming in dough early in his career. I'm sure it was tough to raise a family on the paltry purses they played for back in the day. He also incurred expenses travelling from tournament to tournament and paying out some of his winnings to his caddies. I can understand him selling his NIL rights back then for supplemental cash. Just saying.

​

Jack Nicklaus’ 18 Major Wins and Earnings​

1962 U.S. Open – $17,500

1963 Masters – $20,000

1963 PGA Championship – $13,000

1965 Masters – $20,000

1966 Masters – $20,000

1966 British Open – $15,000

1967 U.S. Open – $30,000

1970 British Open – $40,000

1971 PGA Championship – $40,000

1972 Masters – $25,000

1972 U.S. Open – $30,000

1973 PGA Championship – $45,000

1975 Masters – $40,000

1975 PGA Championship – $45,000

1978 British Open – $125,000

1980 U.S. Open – $55,000

1980 PGA Championship – $60,000

1986 Masters – $144,000

Article states he sold his rights in 2007. Had to be worth tens of millions by then. His early earnings aren’t relevant,

 

[91Joe95]

Article states he sold his rights in 2007. Had to be worth tens of millions by then. His early earnings aren’t relevant,

Yeah, this probably has more to do with estate planning and his family owning the rights to his name.