Rory McIlroy has reached an out-of-court settlement with former agents Horizon Sports Management, avoiding a drawn-out and potentially embarrassing trial in Irish Commercial Court.
A joint statement read, in part, "The legal dispute between Rory McIlroy and Horizon Sports Management has been settled to the satisfaction of both parties, who wish each other well in the future."
McIlroy sued Dublin-based Horizon in October 2013, claiming the management agreement he signed after leaving International Sports Management in October 2011 called for unfair and inflated commissions. Horizon countersued, demanding payment still owed under the terms of the contract -- extended in March 2013 and broken by McIlroy in September 2013 -- for endorsement deals with Nike and others.
While the terms of the settlement were not revealed, the BBC reports McIlroy settled for at least $20 million, a fraction of what the court could have demanded McIlroy pay. McIlroy's counsel reportedly offered a pre-trial settlement of $12 million during court-ordered mediation in the fall. The settlement comes after the trial convened briefly on Tuesday, adjourning almost immediately to resume negotiations toward a settlement.
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