Phiri had been fighting for permission to use the acronym following the acquisition of the Shooting Stars franchise by pharmaceutical company CAPS Holdings.
The company wanted to give the franchise its name and has already started using its green colours.
However in a new twist of events, lawyers representing the two warring parties met and came up with a deal which would see CAPS United continue using the name, at least for this season.
CAPS Holdings (Shooting Stars) were represented by lawyer Farai Mtamangira of Mtamangira & Maxwell Msemburi of MS Msemburi and Partners represent Associates while CAPS United.
Msemburi told our reporter that the parties had decided to suspend all court action in the interest of football.
“The status quo remains and CAPS United will continue using that name. The agreement letter to suspend all court action has been lodged with ZIFA,” Msemburi said.
Meanwhile former Warriors and CAPS United centre striker Shacky "Mr Goals" Tauro has died.
Tauro, who would have been 50 on June 28, died on Wednesday night at Harare’s St Anne’s Hospital.
Wellington Nyatanga, the Zifa president announced the death of one of the greatest footballers to emerge out of the country. A minute’s silence is to be observed at every Premiership football match this weekend in Tauro’s memory.
Tauro was voted the country’s Soccer Star of the Year in 1979.