Red Bull F1 team posts increased profit as Christian Horner pay-rise revealed
Red Bull turned a profit in F1 2024 as Christian Horner took a pay rise.
Company documents have revealed Red Bull Racing earned over £314 million throughout 2024, while now ex-team boss Christian Horner received a pay rise.
As he did so, his team recorded a post-tax profit of £1.681 million, a figure that rose from the previous year.
Red Bull F1 accounts posted as Christian Horner departs
Accounts filed with Companies House in the United Kingdom have revealed Red Bull Racing saw its income rise by £7 million ($9.5m) in F1 2024 over its all-conquering F1 2023 campaign.
The team had a turnover £314.409 million ($425m), a figure that represents “sponsorship and promotional income, prize money, bonus payments and contributions towards the race programme.”
Red Bull finished second in last year’s Constructors’ Championship, though it enjoyed prize money payments based on winning the title in F1 2023.
That entitled it to the largest percentage of the $1.266 billion (£940m) prize money pie paid out by the sport’s commercial rights holder, as determined by the secretive Concorde Agreement. It’s estimated Red Bull Racing received around $87.5 million (£64.75m) courtesy of Formula 1 alone.
The Horner-led operation therefore boasted other income streams worth in the vicinity of £250 million ($340m).
Ahead of the F1 2025 campaign, the team’s relationship with Bybit reached its ‘natural conclusion’ after a three-year deal that began in 2022.
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The crypto platform was reportedly worth $150 million (£110m) over that period, suggesting it accounted for around £35 million ($50m) of the team’s income in F1 2024. Oracle is estimated to contribute double that figure – a deal believed to have been orchestrated by Christian Horner and group marketing and commercial officer, Olly Hughes.
The pair were also instrumental in securing title backing for Red Bull’s sister team, Racing Bulls, through Visa and Cash App.
Horner’s salary is another key figure revealed in the accounts.
As the highest paid director of the organisation (Helmut Marko is the only other listed director), Horner is listed with a remuneration figure of £7.046 million ($9.52m), a modest £46,000 ($62,160) rise on 2023.
On Monday, Horner officially departed Red Bull after being placed into a non-operational position in the days following the British Grand Prix.
In the split, PlanetF1.com revealed he agreed an early termination settlement of around $100 million (£74m).
Horner’s pay-out, billed as one of the largest in sport, therefore seems excessive at first glance. The 51-year-old was contracted through until at least 2030, suggesting a settlement figure of around £40 million ($54m), or slightly more allowing for a golden handshake, would have been considered fair.
However, that fails to address other elements such as performance bonuses, commissions or other entitlements. Horner was also the director of a host of Red Bull’s other F1-related businesses which no doubt played a role in driving up the asking price.
His pay-out is therefore significant but seemingly justified, especially when one considers the potential commission values involved given his involvement in commercial deals including the recent announcement with Carlyle – a company that has over $400 billion (£295bn) worth of assets under management.
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