Rory McIlroy has confirmed he has left Horizon Sports and set up his own management company, which will be called Rory McIlroy Incorporated.
Businessman Donal Casey will act as chief executive of the new company. Casey worked with Horizon as director of strategy until December of last year, having previously worked as managing director of Aon Hewitt and chief executive of Irish Life Corporate Business.
McIlroy joinied Horizon, a Dublin-based firm run by Conor Ridge, just over two years ago but rumours of a split surfaced earlier this year.
McIlroy refused to confirm or deny the move when questioned about it at press conferences but released a statement this afternoon announcing the new company.
It read: “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.
“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.
"Media relations for the golfer and his management company will be handled by a team from The Communications Clinic, led by Terry Prone. "
Horizon issued a subsequent statement, noting with disappointment McIlroy's decision to cut his ties with the company even though the the existing deal had a number of years left to run.
Given McIlroy's decision, the matter is "now regrettably in the hands of legal advisors," they added.
"Since October 2011, Horizon has achieved exceptional results for Rory in realising his commercial objectives," Horizon said. "Under Horizon's management, Rory has signed some of the most lucrative endorsements in sports history.
"The current management contract has a number of years to run. Rory's decision to seek a termination of the management contract with Horizon is now regrettably in the hands of legal advisors."
When the news broke at the Players Championship in May that he would create his own team, McIlroy denied that he would be making the move.
But Graeme McDowell, who also uses Horizon, did confirm a few days later that the two-time major winner had decided on his second management change since October 2011.
The 24-year-old left International Sports Management just four months after winning his first major by eight shots in the US Open at Congressional, joining McDowell at Horizon.
