Ex-Cricket Australia Coach Mickey Arthur has finally reached a settlement with his former team.

Arthur, who settled took over as Australia coach in 2011, stated that it was never solely about the money, the Wide World of Sports reports.

"I just wanted to be treated fairly, and with dignity and respect," the 45-year-old former coach said.

The South African native was previously dismissed as Cricket Australia coach as a 'pre-emptive' measure following a disastrous bout in the Champions Trophy campaign wherein the team failed to win a match, as well as due to on and off court controversies.

He was sacked less than three weeks before the start of the Ashes Test. He later sought to pursue the team legally because he hasn't received any type of formality from CA and no payment despite trying to make contact with senior-level officials.

He gave his former team an ultimatum: either to restore his job back or pay him $4 million in terms of damages as he was still on contract for two more years.

Following two hearings at the Fair Work Commission in Sydney, the two parties agreed on a reduced settlement.

"With this fair and reasonable deal, we can all now get on with our lives," Arthur stated.

A publicly released joint statement read:

"Both Mickey and CA agree that it is unfortunate that the dispute was not settled prior to the issuing of legal proceedings.

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

"CA appreciates the efforts that Mickey applied to his coaching role, and wishes him the very best in his future career."

Arthur was replaced by Darren Lehman, former coach of Australia A, who has so far led Cricket Australia to two straight losses to England in Ashes.