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The team principal was axed by the F1 giants in July after a run of poor results on the track and a year after his ‘sexting’ scandal. reports.

Horner, 51, had been accused of ‘inappropriate behaviour’ towards a female colleague – but was cleared of any wrongdoing.

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He earned the massive payout as his contract at Red Bull Racing was set to run until 2030.

The $163m would more than double Horner’s previous net worth of $81m, The Sun reports.

However, OLGB have claimed that HMRC could take a hefty chunk out of that.

He will have to pay tax on $163m of the payout in the 45 per cent tax bracket.

This works out to a stunning $73,766,567.16 tax bill, which he will have to pay – almost half the $163m.

This is estimated to be enough cash to pay for the training of 537 new nurses in the NHS.

This tax bill would have been even more had Horner taken his original severance offer.

Horner reportedly could have walked away with $22m before tax.

However, he would not have been able to return to F1, something he is planning on doing.

Reports have claimed that Horner can take up a new job on the grid in 2026.

But it will have to be after the season starts and not at the beginning of the season, as per his settlement with Red Bull.

He has already been linked with purchasing a share in Alpine, which would lead to a collaboration with Bernie Ecclestone.

But Alpine boss Flavio Briatore has previously denied that the partnership will happen.

Horner, who married Spice Girl Geri Halliwell in 2015, was estimated to have a net worth of £50m in 2024.

— This story first appeared in The Sun and was republished with permission.