Sydney, July 31, (IANS): Former Australian coach Mickey Arthur reached a confidential financial settlement with Cricket Australia (CA) Wednesday after prolonged talks at the Fair Work Commission here.

"Both parties agree that a resolution now is in the interests of the Australian cricket team and cricket generally in Australia," a CA statement said.

Arthur, who had a contract with CA until 2015 was sacked two weeks before the start of Ashes and was replaced by Darren Lehmann. The South African initiated legal proceedings against and his claims of racial discrimination in the team were leaked.

Arthur felt sorry that the matter was stretched this far.

"I am very happy with the financial settlement we have reached tonight with CA without the need to proceed with potentially expensive and protracted litigation. It was a real pity that I had to launch legal proceedings," Arthur was quoted saying in the Sydney Morning Herald.

The 43-year-old has reduced his earlier claim of $four million to a far lower amount and said it was never about money.

"For me, this was never solely about the money, I just wanted to be treated fairly, and with dignity and respect. I have significantly reduced my claim, as it is being settled tonight and not dragging on at significant cost. With this fair and reasonable deal, we can all now get on with our lives," he added.