The Diamonds And Pearls singer and his agent, William Morris, were being sued for 1.7 million euro (£1.5 million) by MCD after he pulled out just days before the Croke Park gig in summer 2008.

During the three-day hearing at Dublin's High Court, an agent said Prince had spoken about promoter Denis Desmond and said: "Tell the cat to chill, we will work something out."

"The cat's very chilled," replied Mr Desmond outside the court building.

The High Court had heard how the near sell-out stadium concert in the capital was shelved at the last minute despite months of preparations and more than 55,000 ticket sales.

Mr Desmond, who branded the no-show a disgrace, said Prince had no respect for fans when he pulled out. But despite the court battle he revealed he would work with the pop star in the future - but warned he should get a good manager.

The music promoter said he was delighted with the outcome but disappointed for the 55,000 fans who did not get to see the show. "The settlement is confidential but suffice to say we're very happy with the result. We're not out of pocket," he said. Mr Desmond said he was happy the allegations that MCD's figures were inflated were unfounded.

The artist's fee of three million dollars had been agreed on when the go-ahead for the concert was given by Prince's agents in February 2008.

MCD then embarked on an extensive publicity campaign, began selling tickets and forked out 700,000 euro for the high-profile Croke Park venue. The court heard Prince and the William Morris firm are in disagreement over who is liable for the damages and the booking agents claimed no reason of substance was given by the US performer for his refusal to perform.

Mr Desmond said there had been no change in MCD's procedures since the cancellation as its paper trail showed there was never a question the artist had not been booked.