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The major winner and former world number one confirmed the relationship had ended after he realised he was not ready for marriage.
"There is no right way to end a relationship that has been so important to two people," McIlroy said.
In a brief statement issued through his Dublin-based communications consultants, the 25-year-old said he was making the announcement publicly after talking to Wozniacki.
"The problem is mine," he said.
"The wedding invitations issued at the weekend made me realise that I wasn't ready for all that marriage entails.
"I wish Caroline all the happiness she deserves and thank her for the great times we've had. I will not be saying anything more about our relationship in any setting."
The couple announced their engagement on New Year’s Eve.
At the time McIlroy tweeted: “I have a feeling it is going to be a great year.”
It is understood the couple - dubbed Wozzilroy in some circles after a golf wedge was engraved with the moniker - had been an item for more than two years. Although they were forced to scotch rumours of a split late last year.
Just three days ago the sportsman still appeared to be happy with his fiancée posting a photo on Twitter during a romantic dinner at Nobu in Monte Carlo.
He wrote: “Nice view for dinner with @CaroWozniacki at Nobu Monte Carlo.”
A week ago Miss Wozniacki, a former world number one now ranked at 13th, revealed the pair had “great night” watching The Bodyguard stage musical.
She wrote: “Great night! Went to see the musical The Bodyguard with @McIlroyRory .. Amazing.”
Earlier the same day, the 23-year-old Dane posted a photo of two coffees, with one covered in whipped cream and wrote: “I guess in our relationship there is one kid and one adult @McIlroyRory btw I'm the kid.”
On the business side McIlroy is involved in a lengthy legal battle with his former management company over commissions from his lucrative sports sponsorship and endorsement contracts.
The golf star, who has a $20million (£11.8m) a year contract with Nike, claims he has paid more than $6.8million based on unreasonable fee rates much higher than usual in the sports agency industry.
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