On Wednesday Morning, February 4, Rory McIlroy and his former management company Horizon Sports Management confirmed a settlement between the two parties, ending the multi-million dollar contract dispute that has dragged out for 2 years.
Back in 2013, Rory McIlroy brought this lawsuit against his former management company claiming the 2011 contract he agreed to was signed under undue influence, informality, and without legal advice, making it invalid and unenforceable. Horizon responded by claiming the golfer owes millions in unpaid fees and for breaching the contract.
The two parties were sent to mediation by the courts , however, in October last year, those negotiations broke down and trial was scheduled for February 2015. The trial convened very shortly on Tuesday before the parties hunkered down and spent several hours working on this settlement.
The terms of the settlement were not disclosed, however, BBC Reports Rory is rumored to pay over $20 million to the management company, who acquired several lucrative deals for the golf star, including one with Nike worth around $100 million. The joint statement released by the parties states that both sides will be making no further comment.
This deal could prove to be invaluable to McIlroy as he now has time to properly prepare for the forthcoming 79th Masters Tournament at Augusta National. Rory is expected to compete in the Honda Classic, Cadillac Championship, and Arnold Palmer Invitational prior to the year’s first major championship. Had the parties not reached an agreement, the young golf star’s participation and focus in all of these events would’ve been seriously compromised.Tags: Horizon Sports Management, Rory McIlroy