Rory McIlroy settles dispute with Horizon out of courtFebruary 4, 2015 News & Tour
World number one reaches agreement with former management company
Rory McIlroy has reached an out-of-court settlement with his former management company Horizon Sports Management following a brief hearing at the Irish High Court in Dublin.
The World Number One had been locked in a dispute with former agent Conor Ridge for the past 18 months but last minute negotiations resulted in a settlement believed to be worth about £15m.
McIlroy had initially sued Horizon for the cut they were taking from his on and off-course earnings but the Dublin-based agency, of which Graeme McDowell is a stakeholder, immediately counter-sued claiming they were not getting what they were owed.
The case finally reached court on Tuesday February 3 but was adjourned after just 44 seconds while behind-closed-doors discussions continued between McIlroy’s lawyers and Horizon advisors.
A brief hearing the following morning confirmed that a settlement had been reached. The terms of the settlement were not detailed in court.
The dispute had centred around McIlroy’s contract with Nike Golf which is worth $100m a year" A statement agreed between the McIlroy and Ridge camps was released following the hearing.
“The legal dispute between Rory McIlroy and Horizon Sports Management has been settled to the satisfaction of both parties, who wish each other well for the future,” it said.
“The parties will be making no further comment.”
The dispute had centred around McIlroy’s contract with Nike Golf which is worth $100m a year.
Horizon were contracted to receive a cut of the five year deal which was signed in 2012.
It is believed McIlroy had initially offered Horizon about £8m but the contracted agreement was worth a lot more so a much higher figure was decided upon.
The settlement is still seen as a result of sorts for McIlroy who can now focus on his build up to the Masters.
He’ll hardly miss the money with on-course career earnings of over £30m.