Adrian Newey’s £100million transfer to Aston Martin has been hailed as a “bargain” by the British team’s billionaire owner Lawrence Stroll.

Newey, widely considered Formula One’s greatest technical mastermind of his generation, was unveiled by Aston Martin at their Silverstone headquarters on Tuesday.

The 65-year-old Briton’s sudden decision to end his near two-decade association with Red Bull in May – a decision Newey said he arrived at a month earlier during the weekend of the Japanese Grand Prix – sparked a bidding war for his services.

Ferrari, who will be joined by Lewis Hamilton next year, were among those leading the race to land the man who has played a significant role in 13 drivers’ world championships and a dozen constructors’ titles with three different teams.

But Newey elected to sign a long-term deal with Aston Martin, in a move which will earn him in the region of £20million a year, making him one of the best-paid figures in British sport.

Only Lewis Hamilton and Max Verstappen – who are both earning close to £50million a year – and Ferrari’s Charles Leclerc and Lando Norris of McLaren – thought to be on salaries approaching £30m a season – will earn more in F1. Newey will also become a shareholder at Aston Martin.

But Stroll said: “I can tell you that Adrian is a bargain. I have been in business for over 40 years now and I have never been more certain.

“He is a shareholder, a partner, and we intend to be around for a very long time together, so it is relatively inexpensive for everything that Adrian brings to a partnership.

“As soon as he became available, we knew we had to make it happen. Our initial conversations confirmed that there was a shared desire to collaborate in a once-in-a-lifetime opportunity.

“Adrian is a racer and one of the most competitive people I have ever met. When he saw what we have built at Silverstone, he quickly understood what we are trying to achieve.

“Adrian is the best in the world at what he does – he is at the top of his game – and I am incredibly proud that he is joining. We mean business – and so does he. Adrian shares our hunger and ambition, he believes in this project, and he will help us write the next chapter in Aston Martin’s Formula One story.”

At Aston Martin, Newey – who will be free to start from March 1 – will team up with Stroll’s 25-year-old son, Lance, and two-time world champion Fernando Alonso, 43, who is under contract until the end of 2026. Both drivers were present at Silverstone for his unveiling.

Newey will be provided with a blank canvas to spearhead Aston Martin’s 2026 challenge following a major overhaul in the regulations.

The announcement is likely to come as a blow to Hamilton, who called on compatriot Newey to join him at the Italian team next year, claiming it would be a “privilege” to work with him.

“I was very flattered by the number of teams that showed interest, and I had discussions with some of those teams, but in the end it became a very clear and natural choice,” said Newey.

“All the key pieces of infrastructure needed to make Aston Martin a world championship-winning team are here, and I am very much looking forward to helping reach that goal.”

Newey has won world championships at Williams, McLaren and Red Bull. Both Williams and McLaren endured barren spells following Newey’s exit. Verstappen had looked on course to waltz a fourth consecutive title this season, but the Dutchman has seen his lead reduced to 62 points with eight races remaining.

Red Bull team principal Christian Horner was recently forced to deny that Newey’s departure, announced on May 1, has contributed to Red Bull’s recent slump, which leaves Verstappen heading to this weekend’s Azerbaijan Grand Prix in Baku without a win from his last six appearances.

Newey chose to leave Red Bull two months after it emerged publicly that Horner was being accused of controlling behaviour by a female colleague. Horner always denied the claim, and has twice been exonerated by the racing team’s parent company, Red Bull GmbH.