Christian Horner has officially left the Red Bull Formula 1 team after finally agreeing an £80million severance package.
Shortly after the British Grand Prix in July, Red Bull announced that team principal Horner had been ‘released from his operational duties’, bringing to an end his 20-year reign at the team.
Horner, husband of Spice Girl Geri Halliwell, had been with Red Bull from the beginning, guiding them to eight drivers’ titles and six constructors’ championships.
While he lost his job two months ago, the 51-year-old had not officially been sacked as Red Bull needed to agree a pay-out deal, with Horner still earning nearly £9m-a-year on a contract that ran till 2030.
Had it have been paid out in full, Horner would have received £110m but, according to the Daily Mail, after weeks of negotiation the settlement has been reduced to £80m.
But crucially, it is said that had he been paid the full amount, he would not have been allowed to make a swift return to F1, something he wanted to avoid.
The negotiated settlement means Horner will be able to take up another job on the grid from the start of next year.
More to follow…
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