Christian Horner stands to receive a pay-out exceeding £66 million following his dismissal as Red Bull team principal this week, ending a two-decade tenure at the helm of the Formula One constructor.
The 51-year-old was removed from his position after 20 years during which he steered the team to eight drivers' championships and six constructors' championships.
According to the Telegraph, Horner's legal representatives are currently negotiating a settlement with Red Bull, who have decided to terminate his lengthy contract.
The British executive had been contracted until 2030 under a multi-million-pound agreement, with his annual salary having risen to £8.92 million in 2023 following an 11 per cent increase.
Christian Horner stands to receive a pay-out exceeding £66 million following his dismissal as Red Bull team principal this week, ending a two-decade tenure at the helm of the Formula One constructor
PA
Some reports suggest his salary may have increased further to approximately £12m following the team's latest drivers' championship victory last season.
Horner's departure comes 18 months after he faced accusations of sexual harassment and coercive behaviour from a female employee, following the emergence of alleged inappropriate text messages.
The Red Bull boss, who is married to former Spice Girl Geri Halliwell, consistently and strongly denied all allegations against him.
Christian Horner lost his job at Red Bull after 20 years in the role of team principal but there could be interest in his services from other F1 teamsGETTYTwo separate investigations cleared him of wrongdoing - first through an internal inquiry conducted by a lawyer, and subsequently when another lawyer dismissed the female employee's appeal.
Despite Red Bull's support throughout the 2024 controversy, relationships between Horner and the constructor's parent company Red Bull GmbH have reportedly deteriorated in recent months.
The dismissal appears to have been facilitated by shifts in Red Bull's ownership structure, particularly the weakening of the Thai faction's influence within the parent company.
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Court documents filed in Salzburg, Austria in May revealed that Chalerm Yoovidhya, son of Red Bull co-founder Chaleo Yoovidhya, had his distinctive two per cent stake removed.
This stake, which had provided additional decision-making power beyond the Thai faction's 49 per cent holding, was transferred to Swiss investment firm Fides Trustees.
Yoovidhya had been a crucial supporter of Horner, publicly backing him during last year's controversy.
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With the Thai and Austrian ownership groups now holding equal stakes, Mark Mateschitz, who inherited his father Dietrich's shares in 2022, reportedly withdrew support for Horner.
During his farewell address at the constructor's Milton Keynes headquarters, Horner acknowledged that whilst he would maintain some involvement with the team he had built from its inception, "operationally the baton will be handed over".
The constructor is preparing for sweeping changes under incoming team principal Laurent Mekies.
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Christian Horner and Max Verstappen achieved plenty of success together during their time at Red Bull
GETTYStaff members who were particularly close to Horner, including some he had personally recruited, are expected to leave as Mekies prepares to implement his own vision for the team.
These departures mark the end of an era for the Milton Keynes-based operation that Horner shaped over two decades.