By Kevin Kemper

A former sports merchandising firm has reached an out-of court settlement with Ohio State University, but the accord is being challenged by a former business partner that says it’s owed $5.3 million.

After reaching a settlement in September with Ohio State, Columbus-based Silver Knight Sales and Marketing Ltd. is planning to liquidate its inventory of more than 45,000 OSU athletic jerseys and tchotchkes to pay off creditors.

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