Rory McIlroy
McIlroy has avoided taking the stand in DublinGetty Images

World No.1 golfer Rory McIlroy has reached a settlement, believed to be £15m, with former agency Horizon Sports Management over a breach of contract and avoided a cross-examination at Dublin's High Court.

McIlroy was suing his former management agency following a dispute over fees during his relationship with Nike, while the Northern Irishman was also facing action for breaking contact from the Dublin-based organisation in 2013.

The case was adjourned three times on Tuesday (3 February) as both parties negotiated an out-of-court settlement, which was set to see McIlroy pay out to prevent the case going beyond the first of eight scheduled weeks.

The initial claim from McIlroy was over fees being paid to Horizon, owned by Conor Ridge, surrounding a contract he had been persuaded into signing at a Christmas party, with the 25-year-old taking action amounting to £4.5m.

Horizon denied the claims and counter-sued the golf champion for £13m, amid accusations he breached contract after splitting with them in September 2013 and did not fulfil payments. Total costs of the case, including legal fees, were expected to reached £40m.

But a joint statement released by McIlroy and Horizon read: "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."

The four-time major winner will now turn his attention to preparing for the Masters at Augusta in April, after having initially cleared his schedule to fight the case.