He can wear the hit – but over $10 million is a lot to cough up.
F1 driver Daniel Ricciardo has reached an out-of-court settlement with former manager Glenn Beavis over allegations of unpaid commissions.
Beavis filed documents in the High Court of London in July alleging the non-payment by Ricciardo of the advisor's 20 per cent commission on the driver's contract with current employer Renault and other contractually negotiated payments.
The amount of the payment has not been confirmed as yet, with reports ranging from $10-18 million.
According to The Mirror, when Ricciardo left Red Bull, he almost tripled his salary to $49 million a season over the two-year deal.
Beavis claims that he kicked off negotations with Renault boss Cyril Abiteboul in 2017 about Ricciardo leaving Red Bull, with the move finalised in August 2018.
“We've put a fork in it. It is all sorted, settled,” Ricciardo told Autosport at the Japanese Grand Prix.
"I can't go into details, but we both met and it has been done and put to bed. And not in a bad way or anything.
"It actually ended a lot sweeter than it looked a few months ago."
Beavis had been with Ricciardo since 2013, when Beavis set up a British Virgin Islands entity, Whitedunes, of which Ricciardo is the beneficial owner
In a joint statement, the two said: “Daniel Ricciardo and Glenn Beavis are pleased to confirm that they have reached an amicable settlement over the amounts due to Glenn and thus bringing to an end the proceedings in the High Court in London. Daniel and Glenn wish each other well in their future endeavours.”
