Featured Image Credit: Getty
Topics: Red Bull Racing, Christian Horner, Formula 1
Marcus Chan
Christian Horner could potentially lose as much as half of his huge Red Bull pay-out.
This week, shock news emerged from the world of Formula 1 as Horner, 51, was sacked by Red Bull.
It was then confirmed that Laurent Mekies had been promoted from sister team Visa Cash App Racing Bulls and will take over as team principal and CEO of Red Bull.
Addressing staff at the team's Milton Keynes base, Horner said: "It came as a shock to myself.
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"I've had a chance to reflect over the last 12 hours and wanted to stand in front of all of you to break this news and to express my gratitude to each and every single member of the team that has given so much during the last 20-and-a-half years."
On the back of his dismissal, it has been speculated that Horner could pocket a huge compensation from Red Bull.
As reported by Planet F1, the settlement figure could amount to £50 million
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According to the company's most recent accounts, Horner is believed to have earned £8.915 million in 2023.
Having been sacked with reportedly more than five years left of his contract, Horner could receive a pay-out of £50 million.
Planet F1 claimed that The Times stated the figure 'could rise to £60 million once other income is accounted for'.
However, Horner could end up losing nearly half of the above-mentioned settlement figure due to tax.
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Being one of the highest-earning team principals in the F1 paddock, Horner is likely to be in the highest tax bracket in the United Kingdom.
As a result, his pay-out could be taxed at 45 per cent.
Over the last few months, Horner has been linked with moves to other F1 teams, including rivals Ferrari.
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Meanwhile, the 51-year-old has previously been tipped to link up with the controversial Flavio Briatore at Alpine.
Upon confirming the decision to replace Horner, Red Bull director Oliver Mintzlaff said: "We would like to thank Christian Horner for his exceptional work over the last 20 years.
"With his tireless commitment, experience, expertise and innovative thinking, he has been instrumental in establishing Red Bull Racing as one of the most successful and attractive teams in Formula 1. Thank you for everything, Christian, and you will forever remain an important part of our team history."