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McIlroy parts with management company

ESPN staff
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Rory McIlroy recently slipped to sixth in the world rankings © Getty Images
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Rory McIlroy has announced his split from Horizon Sports Management in order to set up his own management group with his father.

In a statement posted to his official website, McIlroy confirmed the rumours which had been speculated since he denied the switch during the Players Championship in May - where Graeme McDowell inadvertently revealed the 24-year-old's future plans.

It will mean a second management change in the space of two years for McIlroy, who parted from International Sports Management four months after winning his maiden major at the 2011 US Open in to join McDowell at Horizon.

However, following a turbulent year of poor form which included him walking off the course during his second round at the Honda Classic, McIlroy endorsed the change through his official website.

"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 [Rory's father]."

McIlroy recently failed to qualify for the Tour Championship and was subsequently knocked down to sixth in the world rankings following Henrik Stenson's win.

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