Rory McIlroy has settled his contract dispute with his former management agent at the High Court in Dublin.

McIlroy and Horizon Sports Management had been in the process of suing each other over alleged unpaid fees.

"The legal dispute between Rory McIlroy and Horizon Sport Management has been settled to the satisfaction of both parties. We wish each other well for the future. The parties will be making no further comment," read a joint statement.

Both parties appeared in court for a brief initial hearing on Tuesday before the Northern Irishman's counsel said that they "were making progress".

McIlroy, 25, claimed that the contract that he signed when he was a 22-year-old was invalid and that he did not have the correct legal representation at the time.

The golfer parted company with his agent in 2013 before going on to start his own company, Rory McIlroy Incorporated.