Daniel Ricciardo is in a spot of hot water after his former advisor claimed more than £10 million. The issue was surrounding alleged unpaid commissions from the Renault Formula 1 driver’s contract.
At the end of the 2018 season, Daniel Ricciardo stunned many by parting ways with Red Bull. In the middle of all that, he struck a two-year deal with the works Renault team from 2019 onwards.
However, Ricciardo’s former advisor, Glenn Beavis claimed that the Australian driver owes him “various sums” for the Renault contract. Beavis demanded a debt of 20% commission on Ricciardo’s base Renault salary and other contractual elements.
However, Ricciardo refuted all those claims as insubstantial. Speaking to Motorsport.com, Daniel Ricciardo said: “There is no substance to Glenn Beavis’ claim.
“It is unfortunate that he has decided to bring this wholly unmeritorious claim which I intend to fully defend in the court process.”
According to Beavis, he took on more tasks and was paid a retainer of £225,000 across 12 months. In addition to that he was owed a 20% commission on the value of all new deals.
A court document declared that the retainer fee was revised to $20,000 a month in 2015. Beavis admitted that his revised retainer fee was honoured, along with commission on new deals. The document further stated that Beavis commenced negotiations with Renault about a possible move for Daniel Ricciardo in mid-2017.
In December 2018, Beavis alleged that Daniel Ricciardo expressed his desire to terminate their agreement with immediate effect. However, the split did not materialise until the end of January 2019. This was because, Beavis requested time to complete the long-form of the Renault contracts.
However, it transpired that the contracts were not finalised and signed by the stipulated time. As a result, Beavis continued to provide services to Ricciardo beyond January 2019. Eventually, Ricciardo’s Renault contract wrapped up on March 7, mere days before the season-opener in Australia.
The claim also states that Ricciardo’s Renault contract was a new deal introduced by Beavis. Later on, when Daniel Ricciardo agreed to the contract, Beavis submitted an invoice for 20% of Ricciardo’s fixed Renault fee.