Double Major winning Rory McIlroy has today confirmed he has terminated his contract with Horizon Sports Management and formed a new company – Rory McIlroy Incorporated.

It had surfaced earlier this year during a Tour event in Bulgaria that after just 18 months McIlroy was leaving the Dublin-based Horizon Sports.

Now the termination of McIlroy’s reputed five-year business contract with Horizons is official and a month less than two years with company.

Rory McIlroy with Conor Ridge in happier times – on a visit to the White House.

McIlroy had joined Horizons in October 2011 in a much-published split with England-based International Sports Management and run by former Tour player, Andrew ‘Chubby’ Chandler.

McIlroy’s move to Horizon was a double coup for the fledging company after having signed fellow US Open winner Graeme McDowell.

However it was McDowell who ‘leaked’ news of McIlroy’s intended split from Horizon in May and in Bulgaria ahead of McDowell capturing the Volvo World Match-Play Championship later that week.

“Management is a funny thing and when things are maybe not going 100% on the golf course, it is natural to question everything you are doing from relationships, business and just everything you do,” said McDowell in Bulgaria.

Details of the termination are in the hands of the Dublin legal team of A&L Goodbody however sources suggest it will cost McIlroy a multi-million dollar payout to Horizon.

The business interests of McIlroy, who has now slipped to No. 6 in the world, will from now on be managed by Rory McIlroy Incorporated.

CEO of Rory McIlroy Incorporated will 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 McIlroy’s father Gerry McIlroy.

News of McIlroy’s new business relationship comes after the former USA Open and US PGA champion was spotted over the last two days in Dublin.

On Wednesday he played a social round of golf at Killeen Castle and venue for the 2011 Solhiem Cup and with suggestions the European Tour’s Irish Open could be moving in future to the course.