Top-ranked golfer Rory McIlroy reaches out-of-court settlement with former management company

Top-ranked golfer Rory McIlroy reached an out-of-court settlement with his former management company on Wednesday, cutting short a multi-million-dollar case that could have exposed the financial dealings of one of the biggest names in sports.

"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," both sides said in a joint statement released on the second day of the case.

Terms were not disclosed.

McIlroy, who was not in court for Wednesday's brief hearing, terminated his contract with Horizon in 2013 to form his own company.

The four-time major winner was suing Horizon and its leading agent, Conor Ridge, claiming he was misled into signing the contract. The Northern Irishman had said in court papers that he signed the deal "in circumstances of great informality," and without having seen a draft of the agreement before it was given to him to sign.

Horizon was counter-suing, claiming McIlroy breached his contract and that he owed the company millions of dollars in commissions. At the start of 2013, McIlroy signed a deal with Nike worth $100 million over five years.

The Dublin court case would have lasted up to eight weeks and McIlroy was expected to testify this week.

McIlroy is coming off a victory at the Dubai Desert Classic last Sunday, his first tournament win of the year. He is looking to complete the Grand Slam of majors by winning the Masters in April.