In a move reportedly designed to extend the international reach of his newly formed company, golf icon Jack Nicklaus is selling what one news source described as a "substantial” minority stake in his company Nicklaus Cos. LLC, to New York real estate mogul Howard Milstein.

Under the terms of the deal, Milstein will reportedly pay $155 million for the stake in the newly formed Nicklaus Cos. LLC.

The new company, stated a news source, includes Nicklaus’ business ventures such as course design, licensing of his name, and golf clubs. The deal with Milstein will allow Nicklaus the opportunity to expand the company’s reach in golf course designs, clothing, equipment and real estate.

Nicklaus will remain CEO and chairman, and the Nicklaus family will retain control.

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The deal, stated the news source, allows Nicklaus to cash out a portion of his business and also link up with Milstein as a "long-term strategic partner.”

Milstein owns several Manhattan skyscrapers, as well as real estate throughout the U.S. and Europe.

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