A key alliance of Christian Horner within the Red Bull ownership structure moved its company’s shares for more than a month before Briton was fired as the team principal for Formula 1 costumes.
Chalerm Yoovidhya moved its entire 2% stake to a Geneva-based trust company on May 20, based on regulatory filings in Austria.
Red Bull was founded in 1984 as a joint venture between Dietrich Mattitz and Chaleo Yuvidia. The remaining 2% was allocated to Chalerm, the eldest son of Chaleo, who held the stock for over 40 years.
Recent transfers mean that Chalerm does not directly own any of Red Bull shares. The Austrian submission did not specify a reason for the move.
Despite the transfer, Thailand’s wealthiest Yuvidya family continues to hold 49% of Red Bull after Chaleo’s death in 2012.
The timing of the Chaletme decision is worth noting as he was considered a key supporter of Horner during the internal power struggle that exploded last year after the latter was accused of inappropriate conduct by female employees.
His support was widely seen as a tool for Horner to weather the storm and lead Red Bull to the fourth straight driver title with Max Verstappen.
However, following confirmation that Horner was rejected on Wednesday, Sky TV presenter/Craig Slater suggested that support for the Chalets has declined.
“My understanding is that (Tai) support has finally disappeared,” Slater said. “Horner could no longer rely on him (Yuvidia), so (he) was vulnerable. The Austrian side of the company is trying to make a difference.”