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Diageo and rapper Sean Combs, known as Diddy, have said they have settled a legal dispute over their joint spirits brands.

The drinks giant ended its partnership with Mr Combs in June after he sued the firm, accusing it of neglecting his tequila brand due to his race.

A joint statement on Tuesday confirmed Mr Combs had withdrawn all of his allegations against Diageo.

The parties said they had no ongoing business relationship.

Mr Combs also said he would "voluntarily dismiss his lawsuits against Diageo with prejudice".

The rapper is currently facing multiple sexual assault allegations, all of which he denies.

Diddy was accused in a lawsuit by R&B singer Casandra Ventura, known as Cassie in November, of rape and sex trafficking. The pair settled out of court the day after it was filed.

Two further women subsequently came forward accusing the rapper of rape. Diddy has denied the claims.

Diageo, owner of brands such as Johnnie Walker, Guinness and Tanqueray, said in June its relationship with Mr Combs had been on the rocks since the rapper failed to meet his promises to fund DeLeon Tequila, which they bought together in 2013.

Diageo said it had invested more than $100m (£78m) in DeLeon Tequila and "tried for years to salvage the broken relationship with Mr Combs".

"Despite having made nearly a billion dollars over the course of our 15-year relationship, Mr Combs contributed a total of $1,000 and refused to honor his commitments," the company said.

With the dispute resolved, the Cîroc vodka and DeLeón tequila brands will now be solely owned by Diageo.