Red Bull Racing officially has severed all ties with Christian Horner, who had served as team principal and CEO for two decades.
Reuters reports that Horner's
dismissal from the team in July became a done deal when his official termination date was listed as Wednesday (13 August) in Red Bull documents filed with Companies House, the official keeper of business records in the United Kingdom.
Stefan Salzer was appointed as the director of the F1 team on July 8, one day after Horner was dismissed from the role. Still, Horner remained employed via paperwork, until the documents were filed on behalf of Red Bull Racing Limited and Red Bull Technology Limited.
Laurent Mekies was named as the team principal after previously serving in that role with Visa Cash App Racing Bulls.
Horner, 51, was the head of a racing team with 124 grand prix wins, eight driver titles -- four by Max Verstappen and four for Sebastian Vettel -- and six constructors' titles.
GRANDPRIX247
reported and verified through reputable sources that Horner will be leaving Milton Keynes with a hefty golden handshake for his remarkable role in leading Red Bull Racing for so long and with so much success.
Speculation is that Horner’s settlement from Red Bull following his dismissal as team principal is estimated to be substantial, with various sources reporting figures ranging from $64.5 million to over $85.14 million. The exact amount depends on negotiations surrounding his contract, which was set to run until the end of 2030.
According to
The Times, these are the basic details of Horner's deal with Red Bull:
- Contract Length: Horner's contract with Red Bull was reportedly until the end of 2030.
- Annual Salary: His reported annual salary was £12 million. (£1.00 = $1.36)
- Initial Settlement Estimate: £50 million, based on the remaining years of his contract.
- Potential Higher Settlement: £60 million, including other potential income streams.
- Tax Implications: A significant portion of the settlement could be subject to UK income tax, potentially reducing the final amount Horner receives.
Have a listen to the 2 Soft Compounds Podcast coverage of the Horner-Red Bull saga at the time: