Daniel ricciardo has made an out-of-court agreement to settle a legal dispute in which his former manager was claiming more than £10m.
Beavis said in a statement that the pair had “reached an amicable settlement over the amounts due”.
Ricciardo said: “We both met and it’s been put to bed and not in a bad way.”
The 30-year-old Australian added that he was “relieved” to bring an end to the situation.
“It ended a lot sweeter than it looked a couple of months ago,” Ricciardo said.
“I think up until now it didn’t really weigh on me but if it continued and had gone another year or two down the track, then for sure it would have eventually been something I didn’t need. Even if sometimes you think something’s not distracting you, it could be, so I’m happier to put it behind me.
“It’s not something we wanted. It wasn’t comfortable, I guess. I think [we are] both relieved.”