Portugal Colonial - Horner formally leaves Red Bull after agreeing exit from F1 team

The 51-year-old, who led Red Bull to eight drivers' titles and six constructors' crowns, was sacked as team principal in July.

His contract, which had been due to run until 2030, has now concluded and he will be free to return to the sport, potentially as soon as next year.

Media reports in Britain suggested Horner will receive up to £80 million ($107 million) in the pay-off.

A Red Bull Racing statement read: "Oracle Red Bull Racing announces today that team principal and CEO Christian Horner will leave the team today."

Horner said leading the team had been an "honour and privilege".

"When we started in 2005, none of us could have imagined the journey ahead -- the championships, the races, the people, the memories," he said.

"I'm incredibly proud of what we achieved as a team, breaking records and reaching heights no one would ever believe were possible, and I will forever carry that with me."

Oliver Mintzlaff, CEO of corporate projects and investments, thanked Horner for his "exceptional work".

"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," he said.

"Thank you for everything, Christian, and you will forever remain an important part of our team history."

Horner was released from "operational duties" on July 9, 17 months after he was accused by a woman colleague of "inappropriate behaviour".

The Englishman was twice cleared over the claims by the Formula One team's parent company, Red Bull GmbH, and his wife, former Spice Girl Geri Halliwell, stood by him.

But there were rumblings of discontent within the team, with several high-profile departures, while form on the track dipped.

Dutchman Max Verstappen has won the past four drivers' titles for Red Bull, matching the achievement of Sebastian Vettel, who dominated for the team from 2010 to 2013.

Verstappen, who won the Azerbaijan Grand Prix on Sunday, is third in the standings this season.

O.Gaspar--PC