Horner exits Red Bull Racing after two decades amid settlement

Christian Horner has formally severed his ties with Red Bull Racing, ending a two decade run that transformed the Milton Keynes team into a Formula 1 powerhouse, the parties said on Monday. The 51 year old left the outfit he helped found in 2005 after being removed from his post in July, and the departure was concluded with a settlement that industry reports say is worth tens of millions of pounds, though the precise figure has been reported inconsistently.

Horner issued a statement carried by the team in which he called leading Red Bull Racing "an honour and privilege" and expressed pride in the championships, races and people he worked with. "I am incredibly proud of what we achieved as a team," he said, thanking shareholders, sponsors and fans and wishing his successors well. He was replaced as team principal and chief executive by Laurent Mekies following the British Grand Prix.

Media accounts have differed over the size of the payout. Several British outlets have reported a settlement of about 80 million to 90 million pounds, while at least one report put the figure nearer to 52 million. Other commentary in the paddock has even suggested figures approaching 100 million. The...