Key Christian Horner ally transferred Red Bull stake before sacking

A key ally of Christian Horner within Red Bull’s ownership structure transferred his stake in the company just over a month before the Briton was sacked as team principal of its Formula 1 outfit.

Chalerm Yoovidhya moved his entire two per cent shareholding to a Geneva-based trust company on May 20, Fortune reported based on a regulatory filing in Austria.

Red Bull was founded in 1984 as a joint venture between Dietrich Mateschitz and Chaleo Yoovidhya, each holding 49% of the company. The remaining 2% was allocated to Chaleo’s eldest son, Chalerm, who retained the stake for over four decades.

The recent transfer means Chalerm no longer directly owns shares in Red Bull. The Austrian filing did not specify the reason for the move or who would ultimately benefit from the trust.

Despite the transfer, the Yoovidhya family, Thailand’s richest, continues to hold 49% of Red Bull following Chaleo’s death in 2012.

The timing of Chalerm’s decision is notable as he had been seen as a crucial supporter of Horner during the internal power struggle that erupted last year after the latter was accused of inappropriate conduct by a female employee.

His backing was widely viewed as instrumental in Horner weathering the storm and leading Red Bull to a fourth straight drivers' title with Max Verstappen.

However, following confirmation on Wednesday that Horner has been dismissed, Sky TV presenter/ Craig Slater suggested that Chalerm’s support had faded.

“My understanding is that [the Thai] support has eventually gone away,” said Slater. “Horner was no longer able to rely on him [Yoovidhya], so [he] has been vulnerable. The Austrian side of the company has been looking to make a change.”