Golf ace Rory Mcilroy has settled a long-running multi-million dollar legal battle with his former bosses at Horizon Sports Management.

The Northern Irish star sued the company for $7.2 million (£4.5 million) following claims officials coerced him into signing an "unconscionable" contract at a party.

Horizon Sports Management chiefs counter-sued the sportsman for $21 million (£13 million), stating that MCIlroy had breached his contract and owed them money for negotiating lucrative sponsorship deals.

The case was due to be heard in full at Dublin High Court in Ireland this week (ends08Feb15) but on Wednesday (04Feb15), lawyers for both sides told the judge they have now settled the dispute.

A joint statement released on Wednesday reads, "We wish each other well for the future. The parties will be making no further comment."

MCIlroy, golf's current number one ranked player, was not present at the hearing on Wednesday.