Christian Horner has formally left Red Bull after agreeing a severance deal following his sacking as team principal in July.

A source close to Red Bull told BBC Sport that Horner had been given a pay-off of 60m euros (£52m).

The 51-year-old was in charge of the Formula 1 team since their inception in 2005, leading them to eight drivers’ championship and six constructors’ championship titles.

On 9 July the team announced he had been “released from his operational duties”.

In a statement on Monday Oliver Mintzlaff, Red Bull’s chief executive officer corporate projects and investments, thanked Horner for his “exceptional work”.