It is not yet known which team Newey will be heading to, but Ferrari, where Lewis Hamilton will soon be behind the wheel, is the frontrunner.

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"It's been a great honor to play a key role in the transformation of Red Bull Racing, a team I've been with for almost 20 years, from a start-up to a multi-time world champion. But I felt it was time to pass the baton and take on a new challenge for myself." 

Newey joined Red Bull in 2006, a year after the team was founded. Under Newey's leadership, the team has won seven drivers' and six team championships. Newey has previously designed championship cars for Williams and McLaren.