The 2% Club – has there been a hidden power shift at Red Bull?

Since news broke on Wednesday that Christian Horner is no longer Red Bull F1 team boss, documents have surfaced which several media outlets interpret as evidence that the balance of power within the company has shifted in recent weeks.

Specifically, the Austrian company register reveals two entries dated 28 and 31 May. The first is a filing for approval, the second confirms the execution of a transaction: the transfer of a 2% stake in Red Bull GmbH from Chalerm Yoovidhya to Fides Trustees SA, a trust company registered in Geneva.

Yoovidhya’s father, Chaleo Yoovidhya, founded Red Bull GmbH alongside Dietrich Mateschitz, having owned the Thai energy drink – Krating Daeng – on which Red Bull was based.

Upon incorporation, Chaleo Yoovidhya and Mateschitz each received 49% of the shares. The remaining 2% were allocated to Chalerm Yoovidhya. When Chaleo passed away in 2012, his shares were passed to his eldest son – Chalerm.

Although the Thai side held 51% and thus the majority, Mateschitz was able to operate as he pleased during his lifetime. As sole managing director, he had de facto full control of the Red Bull empire.

That changed with his death in October 2022. While his 49% stake was passed on to his son Mark, the authority to run the company single-handedly was not. Instead, three new managing directors were appointed: Alexander Kirchmayr, Oliver Mintzlaff, and Franz Watzlawick. At the shareholder level, it was no longer Mateschitz, but Yoovidhya, who had the final say.

Chalerm Yoovidhya’s decision to transfer his 2% surplus in Red Bull GmbH to a Swiss trust has triggered reports in Austria that this is “the real reason for Horner’s exit from Red Bull”.

This speculation rests on the assumption that Yoovidhya relinquished control of the company along with the 2%. However, research by Autosport’s sister website Motorsport-Total.com could not substantiate that claim.

Red Bull GmbH stated upon inquiry that it does “not comment publicly on internal corporate or family decisions” and added regarding the transaction between Yoovidhya and Fides: “Such fiduciary structures are common practice in large successful companies to ensure lasting continuity.”

According to the commercial registry, Fides is in the business of setting up and managing companies, trusts and similar structures. The company describes itself as “an independent, owner-managed boutique multi-family office providing trust, real estate, and family advisory services to international high-net-worth individuals.”

The chairman of Fides’ board of directors is a man named Martin Christopher Bowen. Whether Bowen had ties to either the Yoovidhya or Mateschitz families prior to this transaction is unknown. What seems clear is that Fides is a classic Swiss family office that manages wealth for ultra-rich families.

Who ultimately controls the 2% now under Fides’ stewardship remains unclear. Red Bull GmbH has made no comment. However, the company’s reference to “continuity” suggests that Fides may be acting on behalf of Yoovidhya and that the internal balance of power may not have shifted at all.

Watch: What Horner’s sacking really means for Verstappen, F1 and Red Bull?

A look into the UK’s Companies House adds another layer of intrigue. Red Bull’s UK empire based in Milton Keynes consists of six companies: the Formula 1 team Red Bull Racing, Red Bull Technology for technical development, and the newly established Red Bull Powertrains. There is also Red Bull Powertrains 2026 (whose distinction from the main Powertrains entity remains unclear), Red Bull Advanced Technologies, and Red Bull Advanced Services. Notably, Horner is listed as a director of all six entities, appearing first on each board document.

UK law mandates public disclosure of the highest-paid director’s remuneration in each company. Although it is not officially confirmed, the industry consensus is that Horner holds that distinction in all cases.

In 2023, the highest-paid director received £7million at Red Bull Racing, £9.6m at Red Bull Technology and £4.0m at Red Bull Advanced Technologies. For the other three firms, documents note only that “director remuneration was paid by other group companies and is not material for this company.”

In other words: assuming Horner was the top-paid director across all six entities, he earned an annual salary equivalent to £20.6m in 2023. Which implies terminating his contract – reportedly valid through 2030 – could become an expensive undertaking for Red Bull.

According to Red Bull GmbH’s official statement from 9 July, Horner was “relieved of his operational duties” but in his farewell speech to staff in Milton Keynes, Horner stated, “I will remain employed by the company, but the operational baton is being passed on”.

Motorsport-Total.com sources indicate that Horner is not expected to remain with the company in the long term. For now, however, he continues to receive his full salary until a termination agreement covering all contracts is reached – likely involving a multimillion-pound severance.

The Red Bull logo

Photo by: Drew Gibson / Motorsport Images

Ultimately, Horner’s dismissal may have had less to do with the formal transfer of Yoovidhya’s 2% stake and more to do with the gradual erosion of support from Thailand over the past 18 months.

Who truly controls the 2% today remains open to speculation. The Yoovidhya family likely remains the dominant force in Red Bull. But it is no secret that the Austrian wing of the company wanted Horner gone as early as 2024, when allegations of inappropriate behaviour toward a staff member first surfaced. Now, Mintzlaff and his allies have prevailed, albeit with delay.

It’s also conceivable that Yoovidhya has come to appreciate the pre-2022 arrangement, under which the company was operated from Austria while 51% of the profits flowed to the Thai family – a set up that, in retrospect, may have been more comfortable.