LONDON:

has officially left Red Bull after reportedly agreeing a huge pay-off with the Formula One team, it was announced on Monday.

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

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