Red Bull says Christian Horner has been released from his role as longtime team principal of its Formula 1 team. Red Bull did not give a reason for the decision in a statement Wednesday, but thanked Horner for his work and said he will “forever remain an important part of our team history.

Red Bull closes a chapter spanning all the highs and lows of the team’s history—one that includes two dominant eras, first with Sebastian Vettel and later with Max Verstappen, but it the recent downtu...

In less than two years, a championship-caliber team has disintegrated, Horner’s surprise sacking on Wednesday being the denouement.