Daniel Ricciardo has reached a settlement with former manager Glenn Beavis over unpaid fees relating to his move to Renault.
The Australian had been partnered with Beavis since 2012 until the start of this year before announcing he had moved under the management of CAA Sports from April.
However, Beavis would take Ricciardo to the UK High Court claiming he was owed commissions for his role in the 30-year-old switching from Red Bull to Renault, suggesting he first made contact with team boss Cyril Abiteboul as far back as mid-2017.
A final agreement wasn’t reached until a year later in August 2018 though, and an early attempt to change management company in December of that year had to be postponed to the end of March this year due to continued work on Ricciardo’s long-form contract with Renault.
In response to Beavis’ claim, Ricciardo’s legal team argued that “at no stage was any entitlement to commission raised or agreed”, however, in the case put forward it was argued Beavis was owed 20 per cent of his base salary, around $12m.
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Though the agreed figure has not been revealed, the matter has now been settled out of court with the two parties issuing a statement on Wednesday.
“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,” it read.
“Daniel and Glenn wish each other well in their future endeavours.”