Sir Stelios Haji-Ioannou has today received a full retraction and apology from Ryanair and Chief Executive Michael O'Leary for running an advert at the beginning of this year suggesting that Stelios was lying about easyJet's punctuality.

The advert featured a picture of Stelios as Pinocchio and referred to him as "easyJet's - Mr Late Again" and called on "Stelios...to stop hiding the truth" about easyJet's flight delays and resume publishing weekly details of easyJet's on-time performance.

Stelios issued High Court proceedings against Ryanair and Michael O'Leary after the advert was published claiming that the statements made about him were libellous. 

Michael O'Leary and Ryanair have today unreservedly apologised to Stelios in open court and in writing for these remarks in so far as they related to him personally and suggested that he was lying about the matter. They accept that Stelios is not responsible for the non publication of easyJet's on-time statistics and was not involved in the decision by easyJet management to cease publishing the figures. 

"It is not very often that someone as arrogant and as powerful as O'Leary is forced to apologise to someone else in public and in writing. I took this legal action to protect my reputation. I am not a liar and that statement was libellous. 

I would like to dedicate this little victory to all those members of the travelling public who have suffered verbal abuse and hidden extras at the hands of O'Leary." 

A full page apology at the expense of Ryanair will run in today's Daily Telegraph and Guardian and will be repeated in those newspapers next week. It will also appear on Ryanair's website.

Michael O'Leary and Ryanair have undertaken not to publish the advert again and have agreed to pay Stelios damages and legal costs in settlement of the libel claim.

The sum offered was £50,100 which Stelios has accepted. He will donate the money to his philanthropic foundation and it has been agreed it will be used for the Stelios Award for Disabled Entrepreneurs in the UK - 2010 which is run in partnership with Leonard Cheshire, the disability charity.

Downloads

Ryanair advertisement

Stelios' advertisement in response

Coverage

Sky News: The long nose of the law - Ryanair apologises

BBC: Ryanair says sorry to Sir Stelios for 'Pinocchio' ads

Financial Times: Sir Stelios wins apology from O'Leary

Bloomberg: Ryanair, O'Leary settle easyJet founder's suit on Pinocchio ad

The Sun: Ryanair boss must say sorry

The Sun: Shut it, O'Leary! Stelios lets rip

The Guardian: O'Leary apologises to easyJet boss over 'Pinocchio' ads

The Guardian: Ryanair v easyJet: the ultimate basho

Associated Press: Ryanair pays libel damages to easyJet founder

Wall Street Journal: Ryanair's O'Leary eats humble pie

Press Association: Ryanair in payout to easyJet boss

London Evening Standard: Ryanair boss says sorry to easyJet's Stelios

Earth Times: easyJet wins libel damages from rival Ryanair over Pinocchio advert

The Mirror: easyJet founder Stelios wins libel payout from Ryanair over 'Pinocchio' ads

The Independent: easyJet founder wins Ryanair libel payout

Sunday Express: Ryanair boss is shot down at last

Sunday Telegraph: "Apology of the month has to be the delightful turbo-grovel by Michael O'Leary"

Sunday Herald: Fall-out of the week

Sunday Times: Quotes of the week

De Standaard (Belgium): Ryanair apologises to rival easyJet

Irish Sunday Independent: What are the odds?

Irish Independent: easy gets a scalp

Irish Examiner: easyJet founder wins libel payout from Ryanair

Het Nieuwsblad (Belgium): Ryanair boss Michael O'Leary has apologised to his rival Stelios Haji-Ioannou