Despite Having Numerous Successful Ventures, Jack Nicklaus Once Faced a Combined Loss of £25 Million in a Single Business
Follow Us
Jack Nicklaus had a beautiful golfing career during his years on the field. However, after he left professional golf, he decided to explore his entrepreneurial interests. And his love for being an entrepreneur led him to be involved in several ventures over the past few years. However, there was a time when Nicklaus had to face a huge financial loss due to his former executives’ mistakes.
Jack Nicklaus once suffered a huge financial setback
Many know the inspirational Jack Nicklaus for his records on the field. The golf star has also made it to the news several times with his statements in interviews and press conferences. However, another reason for fans talking about the golf legend has been his business ventures.
ADVERTISEMENT
Article continues below this ad
Nicklaus has been part of numerous businesses ever since he stopped playing professional golf. The 18-time major champion has been a wonderful player in tournaments. But he always had a keen interest in running his own franchises and companies. After establishing Golden Bear Inc., Nicklaus took responsibility for designing courses as well as running golf schools.
Trending
Will Scottie Scheffler Get $100M in Equity Shares? PGA Tour Enterprises’ Criteria to Measure Pro’s Loyalty Explored
April 24, 2024 09:30 PM EDT
Tiger Woods’s $100M Payday to Trigger Outrage Against Jay Monahan, Per Reports
April 24, 2024 01:56 PM EDT
How to Watch 2024 LIV Golf Adelaide: TV Schedule, Live Streaming & More
April 24, 2024 07:30 PM EDT
Threatened by Rivals, Charlie Woods Forgets PGA Tour Heartbreak to Take On Daunting Challenge
April 25, 2024 01:28 AM EDT
2024 LIV Golf Adelaide: Tee Times & Pairings Explored
April 24, 2024 02:00 PM EDT
Get instantly notified of the hottest Golf stories via Google! Click on Follow Us and Tap the Blue Star.
Follow Us
Matters of Life and Death in His Family Seemingly Forced $400M Worth Jack Nicklaus to Take a Major Step in 2004
But like any business, there was no guaranteed profit for him, either. And there was a time when Nicklaus witnessed a 75% drop in the value of his company. Moreover, just 2 years after it went public, Golden Bear Inc. had to face an immense loss of £10 million. But that was not all.
Another huge business loss for Nicklaus
ADVERTISEMENT
Article continues below this ad
Nicklaus had to miss the 1998 British Open due to his hip issues. It was the first time he missed a big tournament in a long time after consistently appearing in 154 events. However, things got even worse when new figures came to light.
As it turned out, Paragon Construction International, a subsidiary of Golden Bear, involved executives who reportedly misrepresented cost, revenue, and profit statements. The golf legend had actually gone through a bigger loss of nearly £15 million the previous year itself.
ADVERTISEMENT
Article continues below this ad
Watch This Story: Jack Nicklaus Supported Tiger Woods After His Honest Assessment of Donald Trump in 2018
Well, that’s how businesses can be sometimes. And for someone like Nicklaus, who has no choice but to be involved in the game too, is supposed to come across such a situation. However, Nicklaus enjoyed an uncomplicated life on the course. After all, no golfer has been able to break many of his records yet.
ADVERTISEMENT
Edited by:
Akash Pandhare
ADVERTISEMENT
ADVERTISEMENT