Rory McIlroy faces $25million lawsuit after split from management company
Golfer confirms parting of the ways as Horizon Sports take legal action
Rory McIlroy faces a $35million lawsuit after confirming he has split with management company Horizon Sports.
The former World Number One confirmed on a flying visit to Dublin that he is to take charge of his own affairs.
McIlroy has set up his own management company Rory McIlroy Incorporated, led by his father Gerry.
He made the announcement while holidaying in Dublin when he attended an Arthur’s Day concert by Irish band The Script.
The 24-year-old Ulsterman had four years left to run on his contract with manager Conor Ridge and Horizon Sports.
In a statement issued on Friday, McIlroy confirmed that he is to sever all connections with Horizon.
McIlroy told the Irish Times that actuary Donal Casey will act as chief executive of RMI.
The paper reports that media relations will be handled by a team from the Communications Clinic, led by Terry Prone.
The statement said: “Rory McIlroy today confirmed he has terminated his contract with Horizon Sports Management and that the details of the termination are in the hands of a legal team led by A&L Goodbody in Dublin, Ireland.”
Horizon responded with a statement of its own confirming that legal action has been initiated against McIlroy after breaking their contract.
Reports say Horizon will seek up to $35million in compensation after landing a $250million dollar Nike contract for McIlroy.
Horizon stated: “Since October 2011, Horizon has achieved exceptional results for Rory in realising his commercial objectives. Under Horizon’s management, Rory has signed some of the most lucrative endorsements in sports history.
“Rory’s decision to seek a termination of the contract with Horizon is now regrettably in the hands of legal advisors.”
McIlroy’s new PR firm stated: “The golfer’s business interests will from now on be managed by Rory McIlroy Incorporated.
“CEO of RMI will be Donal Casey, an actuary by profession with many years of CEO experience.
“The Rory Foundation for charity will be run by Barry Funston, a business leader and longtime friend of the McIlroy family. Both men will serve on the RMI Board, together with Gerry McIlroy.”
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