Rumours last week of Christian Horner’s forthcoming demise as team principal of Red Bull racing were obviously grossly exaggerated, which no one really doubted anyway.

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The 41-year-old manager put the foolish rumours to rest at Goodwood’s Festival of Speed, where Horner announced that he had agreed to a new deal with Red Bull and was looking forward to restore the championship winning team’s past lustre.

“I recently signed an extension to my contract with Red Bull,” Horner said, speaking to Sky Sports. “I have a great relationship with Dietrich Mateschitz and my goal is very much on getting the team back to the situation we were in 18 months ago.”

Horner admitted he ‘didn’t lose any sleep’ over the ill-judged rumors, blaming the gossip on the usual vagaries of social media.

“That is the problem with social media – two weeks ago I was taking over from Bernie, this week I was leaving the team, next week I’ll be driving the car probably.”