Sir Stelios didn't see the funny side of the Pinocchio adverts ran by Ryanair [Getty Images]. Sir Stelios didn't see the funny side of the Pinocchio adverts ran by Ryanair [Getty Images].

Irish budget airline Ryanair has agreed to pay libel damages of US $64,200 to the founder of rival carrier easyJet, Sir Stelios Haji-Ioannou.

The carrier had run a series of adverts depicting Sir Stelios with a long Pinocchio nose, making the claim he was hiding the truth about easyJet’s on-time performance date.

However, Stelios was no longer in management at easyJet and was a non-executive director and major shareholder.

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Stelios protested, but Ryanair ran more ads proposing to settle the issue with a sumo wrestling match.

The court ruled on Thursday that the damages would settle the matter.