Date: 12th June 2014 at 8:16am
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Ahead of the Canadian Grand Prix Red Bull Racing announced that they had signed a new multi-year agreement with chief technical officer Adrian Newey.

The deal ended any rumours linking him with an unlikely move to Ferrari.

However the news isn’t all great for Red Bull Racing as next years car will be the last that Newey is heavily involved in.

Instead the 55-year-old is taking a step back from Formula One, he will be involved in new projects for Red Bull Technology.

‘I am looking forward to some different challenges, I’ve had a great time in Formula 1, but it is time to get involved in different things,’ Newey told Sky Sports.

‘I will be involved in the initial layout and stuff [of the 2015 Red Bull car] then in the future I will be involved with the guys in the future just mentoring them and stuff and being an advisory really.?

‘I have loved the career I’ve had, but I feel I need some new challenges and stimulations.

?I said I didn’t want to spend my whole career purely in motor racing and now it is time to look at a few different things.’

Newey has also been linked with a possible involvement in Sir Ben Ainslie’s America?s Cup bid.

Ainslie has launched an ambitious £80million America?s Cup project, aiming to win the competition with a British team. Something that he says would ‘surpass his four Olympic sailing gold medals’.

Following the launch of Ainslie’s project he told the media: ?I?ve had a couple of really good chats with Adrian. He?s a really lovely guy and the most successful designer in Formula One history. He?s keen on racing in the America?s Cup, it?s great for us. He clearly has a lot of commitments still with Formula One and it really depends how he can fit something in and being involved in the team,?

?It?s all about aerodynamics and hydraulics so we?ve already started discussions with the motorsport teams in the Formula One world.?