(Photo credit: Eric Bolte-Imagn Images)

Red Bull Racing has finalized an agreement on the contract termination for former team principal and CEO Christian Horner, freeing him up to return to F1.

Horner was officially terminated on Aug. 13 after being dismissed by the team's parent company, Red Bull GmbH, after the British Grand Prix in July.

'We would like to thank Christian for his exceptional work over the last 20 years,' Red Bull CEO, corporate projects and investments, Oliver Mintzlaff said in a statement. 'With his tireless commitment, experience, expertise and innovative thinking, he has been instrumental in establishing Red Bull Racing as one of the most successful and attractive teams in Formula 1.'

In addition to being the F1 team boss, Horner was in charge of Red Bull's Powertrains company and Red Bull Applied Technologies, and his contract ran into the 2030s, making the settlement likely to be worth several tens of millions of dollars and potentially as much as $100 million, per The Athletic.

'Leading Red Bull Racing has been an honour and privilege,' Horner said in a statement. 'When we started in 2005, none of us could have imagined the journey ahead -- the championships, the races, the people, the memories.

'I'm incredibly proud of what we achieved as a team breaking records and reaching heights no one would ever believe were possible and I will forever carry that with me.'

Horner, 51, was the head of a racing team with 124 grand prix wins, eight driver titles -- four by Max Verstappen and four for Sebastian Vettel -- and six constructors' titles.

No official reason was given for Horner's dismissal at the time, though the team was struggling to keep up with McLaren in the standings as questions arose about the future of Verstappen and rumors swirled about a power struggle between Horner and some other senior leaders at Red Bull.

Additionally, Horner -- who is married to Geri Halliwell of Spice Girls fame -- has been embroiled in scandal over inappropriate behavior with a female colleague multiple times, allegations he has denied.

With the settlement reached, Horner is now free to return to F1 though it is unclear where he might end up. He was unable to discuss his future publicly while the settlement negotiations with Red Bull were ongoing.

--Field Level Media