F1 News: Daniel Ricciardo's eight-figure financial compensation from McLaren

Ricciardo will be compensated handsomely by McLaren.

Daniel Ricciardo will receive a significant financial sum from McLaren after departing from the team as compensation for the British squad prematurely terminating his contract. 

Ricciardo's contractual situation was one of the key storylines from last year, with a rapid sequence of events resulting in McLaren offering Oscar Piastri a contract for the 2023 season. 

Only a few months before his exit was announced, the 33-year-old issued a statement outlining his commitment to the team - as rumours of the uncertainty of his position within the team began to circulate. 

So it seems clear, despite the optics of Ricciardo's announcement in late August, that the 8-time race winner was ousted from the team. 

pic.twitter.com/ZrPvJy7tB5

— Daniel Ricciardo (@danielricciardo) August 24, 2022

However, Ricciardo had signed a multi-year contract with McLaren that was not due to expire until the end of 2023 - which was initially a factor in downplaying the reports of Piastri's arrival. 

In order to sign Piastri and replace Ricciardo before the conclusion of his existing contract, McLaren was forced to offer financial compensation. 

The initially speculated figure was $21 million, but it is now understood, per racingnews365, that the sum eventually agreed upon was $18 million. 

Owing to his exceptional performances and high market value, Ricciardo was already enjoying a significant salary at Renault before parting ways with the French manufacturer.

Whilst Ricciardo has never seemed especially interested in monetary gain, it would not be an overly ambitious assertion to say the Australian will be pleased to have maximised a very unfortunate situation - at least financially. 

The 33-year-old will have the opportunity to spend the next twelve months mentally recovering from a taxing spell at the British squad. 

Ricciardo has expressed a clear interest in competing at the front of Formula 1, so it remains unclear how active he will be in this year's driver market. 

Realistically, there will be openings in the midfield to take advantage of - but having overlooked the likes of Haas in previous months, it is unclear how appealing such offers will be.