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.