Rory McIlroy is to pay his former agents about $25M to settle a "bitter dispute over his career and finances, in one of the biggest out-of-court agreements in Irish legal history," according to Vincent Boland of the FINANCIAL TIMES. The 25 year-old world No. 1 and Horizon Sports Management, which handled his sponsorship agreements and finances between '11 and '13, were "suing each other over the terms and termination of his contract." But the "bitter stand-off between both sides ended" Tuesday night after an agreement was reached before the case was due to be heard before the High Court in Dublin on Wednesday morning. A joint statement said, "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. The parties will be making no further comment." Sources familiar with the case said that McIlroy agreed to pay Horizon $25M to "settle claims for unpaid fees and commissions" (FT, 2/4). In London, James Corrigan reported while the costs "will leave a dent in the Northern Irishman's finances he will simply be relieved that the affair is now in the past." To the pay-out, "add the lawyers' bill," which between the two had topped the £4M ($6M) mark; "it is easy to understand why, with the prospect of an eight-week trial, there was such an appetite to settle." The "only confusing aspect is why it took so long to do so." After all, "the first rumblings of a split surfaced almost two years ago" (TELEGRAPH, 2/4). The BBC reported McIlroy was not in court on Wednesday, but Horizon boss Conor Ridge was -- "and he breathed a big sigh of relief when the case was officially settled." Ridge, who was "flanked by supporters in the public gallery, hugged and kissed them after the announcement was made" (BBC, 2/4). In London, Ewan Murray reported there had "never been any denial of the fact that McIlroy would be the
party to pay out, with the level of that payment the only matter up for
genuine debate." Under Horizon’s guidance, McIlroy signed a $100M
equipment contract with Nike (GUARDIAN, 2/4).
