LOS ANGELES, California (X17online) - On the day Michael Jackson was scheduled to be in a London Courtroom to answer allegations he failed to repay a $7 million loan to a Bahraini sheik, the two sides reached a settlement, the Associated Press reports.

The two sides issued a joint statement:

"Sheikh Abdullah and Michael Jackson are pleased to confirm that they have amicably settled their dispute which was in litigation before the High Court in London."
They wish each other well in their own, respective endeavors."

The sheik said he gave Jacko millions of dollars to help shore up his finances and subsidize the star's lifestyle in Bahrain — including more than $300,000 for a "motivational guru."

Jackson's lawyers maintained the money was a gift. The details of the settlement were not made public.