Former world number one Rory McIlroy has confirmed he has left Horizon Sports Management to create his own management group.
McIlroy denied speculation at the Players Championship in May that he would create his own team with his father, close friends and associates, only for his Ryder Cup partner Graeme McDowell to 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.
McIlroy had declined to comment officially on the situation since May but a statement on his website 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 (Rory's father)."
The confirmation of McIlroy's multi-million pound deal with Nike coincided with a run of poor form at the start of 2013, which culminated in him walking off the course during the second round of the Honda Classic.
He initially told reporters he was in a "bad place mentally" before a statement was issued on his behalf citing pain from a wisdom tooth as the reason for his withdrawal.
McIlroy failed to qualify for the Tour Championship on the PGA Tour last week, with Henrik Stenson's victory in Atlanta lifting the Swede to fourth in the world rankings and knocking McIlroy down to sixth.
Horizon later released a statement which read: "Horizon Sports Management notes, with disappointment, the statement issued by Rory McIlroy today. 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. 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. Horizon will be making no further comment."