Horner accepts severance package from Red Bull

Christian Horner has accepted a severance package from Red Bull that formally ends his relationship with the team, two months after he was sacked as Red Bull Racing’s team principal.

"We would like to thank Christian for his exceptional work over the last 20 years,” said Oliver Mintzlaff, CEO Corporate Projects and Investments.

“With his tireless commitment, experience, expertise and innovative thinking, he has been instrumental in establishing Red Bull Racing as one of the most successful and attractive teams in Formula 1. Thank you for everything, Christian, and you will forever remain an important part of our team history."

A team statement did not offer any details about the terms of the settlement, however various outlets have put the figure between $70m and $100m.

Horner led Red Bull Racing from its inception in 2005, and steered the team to six Constructors’ championships, eight Drivers’ titles, 124 Grand Prix victories and 107 poles.

He earned a reported salary of 12m euros ($14.1m USD) with a contract that ran through to 2030 when he was relieved of his duties in July and replaced by Laurent Mekies.

According to reports, Horner may be permitted to return to F1 with another team as soon as next year.

“Leading Red Bull Racing has been an honor and privilege,” Horner said.

“When we started in 2005, none of us could have imagined the journey ahead – the championships, the races, the people, the memories. I’m incredibly proud of what we achieved as a team, breaking records and reaching heights no-one would ever believe were possible, and I will forever carry that with me.

“However for me, my biggest satisfaction has been assembling and leading the most amazing group of talented and driven individuals, and seeing them flourish as a subsidiary of an energy drinks company, and seeing them take on and beat some of the biggest automotive brands in the world."