The team’s billionaire owner Dietrich Mateschitz said Red Bull could pull out of F1 following its engine supplier Renault’s poor form, suggesting he has become disillusioned with the current state of affairs.

But Horner said: “The intention is to be here and to sort out the issues in the sport and our own competitiveness.

“Dietrich Mateschitz made some comments over the weekend and it’s exactly how he feels.

“He is frustrated and he is frustrated with the show.

“He is a fan as well and as a fan he has put a huge amount of investment into the sport over the last few years.

“He wants to see the sport go back to its glory days and see it have the same appeal and attraction that Formula 1 has previously enjoyed.

“We’re working hard to try and help change things and from a team point of view, we want to be in a position where we can be competitive.

“At the moment we’re in a difficult position and hopefully we can turn that around.”

There was speculation in Austria that Horner, who led Red Bull to four consecutive drivers’ and constructors’ titles between 2010-13, could be out of a job with ex-F1 driver Gerhard Berger a potential replacement.

But Horner dismissed the rumours, saying: “Unfortunately in Formula 1 there are always rumours, and this is total rubbish.

“I’m fully committed to Red Bull and I love what I do.

“We’re working hard and my focus is trying to get the team back to where we were 18 months ago.”