Rumors 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.

The 41-year-old manager put the foolish rumors 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."

Click here for FIA President Jean Todt's thoughts on the current state of F1

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Phillip van Osten

Motor racing was a backdrop from the outset in Phillip van Osten's life. Born in Southern California, Phillip grew up with the sights and sounds of fast cars thanks to his father, Dick van Osten, an editor and writer for Auto Speed and Sport and Motor Trend. Phillip's passion for racing grew even more when his family moved to Europe and he became acquainted with the extraordinary world of Grand Prix racing. He was an early contributor to the monthly French F1i Magazine, often providing a historic or business perspective on Formula 1's affairs. In 2012, he co-authored along with fellow journalist Pierre Van Vliet the English-language adaptation of a limited edition book devoted to the great Belgian driver Jacky Ickx. He also authored "The American Legacy in Formula 1", a book which recounts the trials and tribulations of American drivers in Grand Prix racing. Phillip is also a commentator for Belgian broadcaster Be.TV for the US Indycar series.

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