Earlier today, an official statement was released in regards to the Jordy Smith / Billabong situation.
"Billabong International Limited and professional surfer Jordy Smith announced today that they have resolved the pending arbitration which Billabong initiated against Jordy Smith, his father, and one of Jordy’s former consultants, in late July 2007. The dispute involved the status of Jordy’s Athlete Sponsorship Agreement with Billabong. Billabong, which had sponsored Jordy for 10 years, alleged that Jordy was in breach of his Agreement; Jordy denied that he was in breach of the Agreement. The matter was amicably resolved by Billabong releasing Jordy in exchange for an undisclosed sum. Jordy expressed his appreciation for the support that the Billabong team has provided to him over the course of many years and he wishes them the very best. Billabong wishes Jordy well for the balance of his career and looks forward to his debut on the World Championship Tour in 2008."
Stay tuned, as SurfingMagazine.com will continue to bring you breaking news in regards to this situation.