Christian Horner could be in line for a pay-off worth in excess of £50 million from Red Bull following his shock dismissal on Wednesday.

Red Bull’s Formula 1 team is changing team directors for the first time since it was founded 20 years ago, after Christian Horner's sacking sent shockwaves through the sport on Wednesday.

The team also shuffled drivers, dropping Sergio Perez at the end of last season before a brief failed experiment with Liam Lawson as Verstappen’s teammate, before he was replaced by Yuki Tsunoda, who...