Riccardo reaches settlement with former manager

Daniel Ricciardo

(GMM) Daniel Ricciardo has settled a $12 million lawsuit with his former manager.

In July, we reported that Glenn Beavis is suing the Australian driver for a slice of Ricciardo's big-money deal to move from Red Bull to Renault.

It subsequently emerged that Ricciardo's 2019 and 2020 contract with Renault is worth a staggering $60 million, and that Beavis was asking for 20 per cent.

"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," a statement read.

"Daniel and Glenn wish each other well in their future endeavors."

The settlement amount was undisclosed.

Ricciardo told Auto Motor und Sport that he is enjoying his new leadership role at Renault, even though there have been rumors of frustration.

"I came from Red Bull, where everyone radiated confidence. It was very different at Renault, because the team has not won anything for many years," he said.

"I had to help them believe in their abilities, because it was as though they were afraid to express their ideas.

"If I succeed, then Renault will win the title one day," Ricciardo added.