By alley - Dec 1, 2016, 5:25 PM ET

NASCAR: Bowyer, HScott settle lawsuit

Clint Bowyer and HScott Motorsports have reached a settlement in the lawsuit that Bowyer

recently filed against the team

.

Bowyer, who spent this year with HScott ahead of his move to Stewart-Haas Racing as the replacement for Tony Stewart for 2017, filed the lawsuit earlier this week to pursue what he claimed was more than $2 million that he was owed for sponsorship commissions and other payments.

The two parties issued a joint statement on Thursday to confirm that the lawsuit was dropped after HScott owner Harry Scott provided new information to Bowyer.

"Harry Scott, Jr., owner of HScott Motorsports, and Clint Bowyer and his company Clint Bowyer Racing ("CBR"), jointly announced today they have settled the recent lawsuit filed by CBR," the statement read.

"Mr. Scott provided additional information to Mr. Bowyer, of which he was not aware, which satisfied him that the claims asserted against Mr. Scott should be dismissed. CBR and HScott Motorsports then reached a mutual and amicable confidential settlement as to the claims for the debt owed to CBR.

"I am glad our race team and Clint Bowyer Racing were able to reach a quick resolution," said Mr. Scott. "I wish Clint the best of luck in his career moving forward."

In the same statement, Bowyer said that the matter is now behind him.

"I want to thank all the team members for their hard work all season. I'm looking forward to the 2017 season and beyond and wish Harry Scott all the best in the future," he said.

Bowyer finished 27th in the 2016 standings with HScott, with a best result of seventh at Talladega in May.