Rory McIlroy and Horizon Sports Management reached an out-of-court settlement Wednesday, ending their dueling lawsuits and avoiding a drawn-out trial for the world's top-ranked golfer.
"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," read a joint statement. "The parties will be making no further comment."
While terms of the settlement were not disclosed, McIlroy was expected to pay his former management company "far north" of $20 million according to a BBC report. Earlier this week, the U.K's Daily Mail outlined a "worst-case scenario" for McIlroy whereby the Ulsterman could have been on the hook for more than $53 million.
McIlroy originally sued Horizon, led by Connor Ridge, seeking to terminate what he described as a "limiting" contract signed between the two parties in December 2011. Horizon then counter-sued McIlroy for breach of contract and damages. McIlroy split with Horizon in 2013 to form his own management company.
McIlroy notched his first win of 2015 last week at the European Tour's Omega Dubai Desert Classic, and the 25-year-old is expected to make his first start of the year on the PGA Tour later this month at the Honda Classic.