West Ham and Sheffield United have reached an out-of-court settlement Monday to resolve the long-running dispute that has become known as the "Carlos Tévez affair".
The compensation figure was not disclosed, although Sky Sports News reports the Hammers have agreed to pay an initial £15 million to the Blades in installments, with the final compensation package believed to be in the region of £25 million.
The settlement means the independent tribunal chaired by Lord Griffiths due to resume hearings on the case Monday was canceled.
In a joint statement, West Ham chief executive Scott Duxbury and Sheffield United chairman Kevin McCabe said: "Both clubs are pleased to announce that a satisfactory settlement for compensation has been reached which brings the dispute between Sheffield United and West Ham United to an end.
"The tribunal will not be resuming."
Problems for the Hammers began in 2006 when Tévez and his compatriot Javier Mascherano were signed under third party ownership deals which were later found to have contravened Premier League rules.
Although Tévez and Mascherano moved to West Ham from Brazilian club Corinthians, their contracts were owned by Media Sports Investments.
The Hammers were eventually fined £5.5 million for that discrepancy but were not deducted any League points and the Argentine was allowed to play on.
Without Tévez's services, though, the commission agreed that the Hammers and not Sheffield United would have been relegated at the end of the 2006/07 campaign.
However, with the affair having dragged on for almost two years a conclusion to the matter has finally been found.
Duxbury said: "For everyone concerned, the time was right to draw a line under this whole episode.
"We have had very positive discussions over a number of days with Sheffield United and acknowledge their willingness to resolve this in the best interests of both clubs.
"This now allows us to concentrate on our immediate ambitions, which include a strong finish to the Premier League season and possible European qualification, without any negative impact on our long-term project.
"We wish Sheffield United well in their bid to secure promotion from the Championship."
McCabe added: "We are happy and satisfied with the settlement with West Ham. Throughout the finalisation of the terms for the agreement, the discussions were friendly, co-operative and in the best spirit with both the Blades and the Hammers advisory teams.
"We are two clubs with a fantastic footballing history who now want to move on and focus on the business of playing football - hopefully for us against the Hammers in the Premier League next season.
"We look forward to a positive ongoing relationship with West Ham at all levels."
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The compensation figure was not disclosed, although Sky Sports News reports the Hammers have agreed to pay an initial £15 million to the Blades in installments, with the final compensation package believed to be in the region of £25 million.
The settlement means the independent tribunal chaired by Lord Griffiths due to resume hearings on the case Monday was canceled.
In a joint statement, West Ham chief executive Scott Duxbury and Sheffield United chairman Kevin McCabe said: "Both clubs are pleased to announce that a satisfactory settlement for compensation has been reached which brings the dispute between Sheffield United and West Ham United to an end.
"The tribunal will not be resuming."
Problems for the Hammers began in 2006 when Tévez and his compatriot Javier Mascherano were signed under third party ownership deals which were later found to have contravened Premier League rules.
Although Tévez and Mascherano moved to West Ham from Brazilian club Corinthians, their contracts were owned by Media Sports Investments.
The Hammers were eventually fined £5.5 million for that discrepancy but were not deducted any League points and the Argentine was allowed to play on.
Without Tévez's services, though, the commission agreed that the Hammers and not Sheffield United would have been relegated at the end of the 2006/07 campaign.
However, with the affair having dragged on for almost two years a conclusion to the matter has finally been found.
Duxbury said: "For everyone concerned, the time was right to draw a line under this whole episode.
"We have had very positive discussions over a number of days with Sheffield United and acknowledge their willingness to resolve this in the best interests of both clubs.
"This now allows us to concentrate on our immediate ambitions, which include a strong finish to the Premier League season and possible European qualification, without any negative impact on our long-term project.
"We wish Sheffield United well in their bid to secure promotion from the Championship."
McCabe added: "We are happy and satisfied with the settlement with West Ham. Throughout the finalisation of the terms for the agreement, the discussions were friendly, co-operative and in the best spirit with both the Blades and the Hammers advisory teams.
"We are two clubs with a fantastic footballing history who now want to move on and focus on the business of playing football - hopefully for us against the Hammers in the Premier League next season.
"We look forward to a positive ongoing relationship with West Ham at all levels."
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