Sheffield United had claimed that they were unfairly relegated from the Premiership in 2007 after blowing a 10 point cushion over West Ham.
Many newspapers have been speculating over the weekend that the deal was complete however many different figures of compensation has been banded about and as of yet nobody is any clearer on the final figure.
A statement has appeared on the official site although it lacks the major detail that everybody really is interested in - just how much compensation did we pay?
Some reports are that the figure stands at £10 million to be paid over five seasons and other suggest it could be as high as £25 million with £10 million upfront and a bond of a further £15 million over a number of seasons.
Whatever the figures, many West Ham fans will be extremely disappointed that the club has been forced to negotiate a compensation fee when the evidence used to convict them was "complete and utter nonsense" according to many observers.
One thing is for certain though, had West Ham's owner's current financial situation not been so desperate the club would have fought on.
Björgólfur Guðmundsson is desperately trying to sell the club before he is forced into liquidation by the Icelandic government and all of the prospective new owners were believed to be unprepared to continue negotiations whilst a potential compensation payout still hung over the club.
Concluding a deal with Sheffield United and providing concrete details of a fee will now enable potential buyers to work out exactly how much the club is going to cost them.
The official statement in full:
In a joint statement, West Ham United CEO 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."
Mr 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."
Mr McCabe said: "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 of spirit with both the Blades and 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."