Ricciardo and former manager settle $12M commission dispute

Daniel Ricciardo and former advisor Glenn Beavis have reached a settlement in their $12 million dispute over unpaid commissions which was brought to the High Court of London last summer.

Last summer, Beavis filed documents in the United Kingdom alleging the nonpayment by Ricciardo of the advisor's 20% commission on the driver's contract with current employer Renault.

Beavis claimed he had helped negotiate and secure the Aussie's two-year deal - estimated to be worth a whopping $55 million - during Ricciardo's final season with Red Bull.

• Renault prepping for fierce Ricciardo/Ocon rivalry in 2020

The two parties have amicably settled their differences for an undisclosed sum according to a statement.

"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."

Ricciardo and Beavis' formal relationship goes back to 2013 when the latter started to provide management and consultancy services to the driver through a dedicated British Virgin Islands entity, Whitedunes, of which Ricciardo is the beneficial owner.

However, the collaboration between the two was apparently terminated in late 2018.

Gallery: The beautiful wives and girlfriends of F1 drivers

Keep up to date with all the F1 news via Facebook and Twitter