Egginton will move to Red Bull Advanced Technologies on April 1 as their new engineering director, with Racing Bulls appointing chief technical officer Tim Goss, and deputy technical directors Guillaume Cattelani and Andrea Landi to cover the role.

Bernie Ecclestone has sold his entire collection of historic grand prix and Formula One cars – 69 cars valued at an estimated £500 million – to the billionaire son of Red Bull founder Dietrich Mateschitz.

Bernie Ecclestone has sold his famous collection of 69 cars, including notable vehicles like Michael Schumacher's Ferrari and Niki Lauda's Brabham, to Mark Mateschitz for a reported £500 million. Mateschitz plans to publicly display the collection,

Former Formula One supremo Bernie Ecclestone has sold off his entire collection of grand prix cars – valued at around £500million – in a record-breaking deal. Ecclestone announced last year that he had put his 69 vehicle collection up for sale and on Thursday confirmed it had been sold to Red Bull co-owner and family friend Mark Mateschitz.