Red Bull’s internal power reshuffle and company share transfer accelerate Christian Horner’s dramatic Formula 1 exit
After 20 full seasons in the world of Formula 1, Red Bull Racing has dismissed Christian Horner. The departure of the long-serving team principal—who had become one of the sport’s most recognisable and powerful figures—was perhaps anticipated by some, yet few expected it to happen so suddenly and with such finality. In retrospect, the way the company was managed under Austrian control—when the late co-founder Dietrich Mateschitz held executive power and the Thai side of the ownership structure, the Yoovidhya family, enjoyed dominant access to the profits—may have been more functional and stable than it initially appeared in 2022.
Now, approximately eighteen months after the death of Dietrich Mateschitz in October 2022, the current situation seems to indicate a partial return to that previous balance. In particular, the Austrian faction of Red Bull GmbH has regained decision-making authority, a process that appears to have accelerated significantly following the removal of Christian Horner. This shift in influence seems to be the outcome of a long-running, behind-the-scenes negotiation, during which the support from the Yoovidhya family—formerly the controlling shareholders with a 51% majority stake—reportedly began to wane.
Christian Horner’s departure: internal power struggle or strategic decision?
The official termination of Christian Horner’s contract, announced on July 9th, 2025, marked the end of a turbulent chapter that began earlier in the year with allegations of inappropriate conduct. At that time, the Austrian leadership, particularly Chief Executive Officer Oliver Mintzlaff, had already expressed the desire to sever ties with Horner. However, those efforts were allegedly blocked by the Thai ownership group, who insisted on maintaining his role.
Now, that internal resistance seems to have disappeared entirely. New alliances have taken shape within the company’s top ranks, and with them, a new power structure has emerged. Christian Horner has been relieved of all operational responsibilities, although he technically remains under contract while exit negotiations are ongoing. Based on projections, his severance package could exceed £20 million, considering his two decades of service at Red Bull Racing’s headquarters in Milton Keynes, United Kingdom.
A massive salary: £20.6 million in 2023 to lead the Red Bull UK empire
Christian Horner was not only the public face and guiding force behind Red Bull Racing’s success in Formula One, but also served as the top executive overseeing six interconnected UK-based companies: Red Bull Racing, Red Bull Technology, Red Bull Powertrains, Powertrains 2026, Advanced Technologies, and Advanced Services. According to the records maintained by Companies House in the United Kingdom, Horner was listed as director and principal signatory for each of these corporate entities.
When public financial data is examined, an intriguing detail surfaces. In the calendar year 2023 alone, the highest-paid director across these six companies received total compensation amounting to £20.6 million—a sum that is widely presumed to have gone to Christian Horner. Figures of this magnitude turn his contract resolution—originally valid until 2030—into a matter that goes beyond simple human resources policy and enters the realm of strategic financial decision-making for Red Bull GmbH.
The mysterious 2% transfer to Fides Trustees: a real power shift or just a technical formality?
What has sparked the latest wave of speculation and media scrutiny is the discreet transfer of a 2% ownership stake in Red Bull GmbH from Chalerm Yoovidhya to a Swiss fiduciary company called Fides Trustees SA, headquartered in Geneva. According to filings from the Austrian business registry, this transaction occurred between May 28 and May 31, 2025. However, the timing has raised eyebrows.
Since that moment, scrutiny intensified around Christian Horner—nicknamed the “spice boy” in F1 circles—whose influence inside the Red Bull Racing operation appeared to weaken rapidly in the weeks that followed. This move, coinciding so closely with Horner’s removal, is unlikely to be mere coincidence. Many believe that the stake transfer may be directly linked to the internal changes that led to his dismissal after 20 years of service.
Sources close to Red Bull GmbH have urged caution in interpreting the move. They suggest that Fides Trustees may be acting on behalf of the Yoovidhya family themselves, potentially as part of a long-term succession and asset planning strategy. If this is the case, then the share transfer may not signal a real shift in power but rather reflect a standard fiduciary arrangement typical of high-net-worth family offices.
Who really controls Red Bull after Dietrich Mateschitz?
When Dietrich Mateschitz passed away in late 2022, his 49% stake in Red Bull GmbH was inherited by his son, Mark Mateschitz. However, this generational transition brought significant changes to Red Bull’s corporate governance. The single-figure control previously exercised by Mateschitz senior was replaced by a three-person executive board consisting of Franz Watzlawick, Alexander Kirchmayr, and Oliver Mintzlaff, who now jointly manage the company’s strategic direction.
In terms of equity, nothing has changed. The Yoovidhya family—descendants of Red Bull’s Thai co-founder Chaleo Yoovidhya—continues to hold the absolute majority with a 51% share. This includes the 2% personal stake that had been allocated to Chalerm Yoovidhya. It is precisely the quiet transfer of that 2% to the Swiss fiduciary firm Fides Trustees that has triggered renewed questions about internal dynamics. Fides, a company specialised in managing high-value family assets, operates as an independent structure and could influence strategic decisions, depending on the mandates it holds.
Based in Geneva and led by Martin Christopher Bowen, Fides Trustees handles assets for an elite, international clientele. It remains unknown whether Bowen has any prior relationship with the Yoovidhya family, but the decision to entrust this sensitive stake to Fides appears to be a calculated, forward-looking move. Red Bull GmbH has declined to comment on the matter, stating only that such arrangements are standard practice in large multinational corporations and should not be interpreted as a signal of disruption.
A shift that redefines the Red Bull power structure
In the end, the transfer of the 2% stake to Fides Trustees SA may be more than a routine legal manoeuvre. It could represent the key to understanding the current power configuration inside Red Bull GmbH. If the Yoovidhya family has indeed chosen to step back from active management, even partially, then Christian Horner’s removal takes on a new meaning. No longer an isolated managerial decision, his dismissal could be the final chapter of a wider internal restructuring process that began quietly in 2023 and has only now reached its conclusion.
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