Charlie Simpson has been paid a six-figure sum for the rights to Busted.

The 28-year-old singer, who quit the boy band in 2005, has decided not to be part of the upcoming super-group formed by his old bandmates - Matt Willis and James Bourne - and fellow boy band McFly, but he is still set to cash in as he reportedly owns a third of the Busted name.

Charlie is said to have met with Matt, 30, and James, 30, who agreed to buy him out of the brand ahead of touring as McBusted next year.

A source told the Daily Mirror newspaper: ''Charlie wishes the boys lots of luck but he wanted absolutely no involvement.

''He is getting on with his solo career, he isn't really even working with Fightstar - the band he created after leaving Busted - but didn't feel it was fair not to be bought out of the Busted brand.

''All three sat down amicably and worked out a figure that everyone was happy with. Charlie made it clear in no uncertain terms that that's it for him and the boys now, it's finished.''

Charlie left teenage fans heartbroken in January 2005 when he quit the 'Year 3000' group, resulting in the band splitting.

However, it appears there are no hard feelings between the trio.

He wrote on Twitter this week: ''Just wanted to say that though I am not joining @mattjwillis and @JamesBourne on their new venture, I wish them all the very best with it!''