Formula 1 driver Daniel Ricciardo is reportedly being sued by his former agent to the tune of £10 million pounds.
Autosport reports Ricciardo’s one time advisor Glenn Beavis claims he is owed “various sums” for the contract Ricciardo has with Renault.
According to legal documents, Beavis began discussions with Renault and its F1 boss Cyril Abiteboul about a possible move for Ricciardo in mid-2017 — a year before Ricciardo’s shock deal with Renault was announced.
Beavis’ claim, served earlier this month, alleges he is owed 20 per cent commission on Ricciardo’s base Renault salary, plus various contractual elements.
In a statement given to Autosport, however, Ricciardo refutes the claim.
“There is no substance to Glenn Beavis’s claim. It is unfortunate that he has decided to bring this wholly unmeritorious claim which I intend to fully defend in the court process.”
Beavis who for several years previously provided management and consultancy services to Ricciardo, said the driver had wanted to terminate their agreement with immediate effect in December 2018.
But he claims to have continued to provide services per his revised agreement with Ricciardo until the agreement was terminated on March 31, 2019.
The claim states that Ricciardo’s Renault contract was a new deal introduced by Beavis and concluded subsequently by Ricciardo, so Beavis has submitted an invoice for 20 per cent of Ricciardo’s fixed Renault fee.
Other aspects of the contract — including the cost of his superlicence, use of a Renault road vehicle, physiotherapist and medical expenses, season-end and win bonuses plus two undisclosed clauses — were not claimed at that time.
The right to further commissions on these “future contingent sums” was not waived, a court document states.
Beavis has also staked a claim to commissions for three other deals he introduced Ricciardo to: two brand ambassador roles and an F1 film appearance — if any of the these deals come to fruition.
However, Beavis says he was informed on April 4 by R&H Trust Co (Jersey) Limited, acting “on behalf of Whitedunes and/or Ricciardo”, that no commission was payable in respect of the Renault contract.
Whitedunes by way of explanation is a Virgin Islands-based company set up to manage Ricciardo’s financial affairs.
A letter dated May 30 from solicitors acting for Ricciardo allegedly reiterated that Beavis “has no entitlement to the commission, or to any other form or amount of commission, in relation to the Renault contract”, including the future contingent sums or any other deal introduced by Beavis.
That has led Beavis to claim an amount in excess of £10m, which includes but is not limited to the payment of debts from the unpaid commission, interest on these debts and a declaration of entitlement to future payments.
Ricciardo will be represented by the legal firm The Ebury Partnership LLP to contest the claim.