Red Bull Racing and former team principal Christian Horner have finalised a contract termination agreement that frees him up to return to Formula 1.

In addition to being the F1 team boss, Horner was in charge of Red Bull’s Powertrains company and Red Bull Applied Technologies, and his contract ran into the 2030s, making the settlement likely to be worth several tens of millions of dollars and potentially as much as $163.7 million Australian (£80 million), according to the London Telegraph.

Horner was officially terminated on August 13 after being dismissed by the team’s parent company , Red Bull GmbH, following July’s British Grand Prix.

“We would like to thank Christian for his exceptional work over the last 20 years,” Red Bull CEO, corporate projects and investments, Oliver Mintzla

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