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Red Bull Racing was awarded the Freedom of the Borough of Milton Keynes at a special ceremony last night.
Team Principle Christian Horner said the whole team was "tremendously proud" to receive the award.
Click below to hear Christian Horner accept the Freedom of the Borough.
Red Bull Racing has committed its future to Milton Keynes and promised further investment.
Christian Horner, the team principal of Red Bull Racing said the company would "absolutely not" be moving to Austria where its parent company Red Bull is based.
Mr Horner added: "We're continuing to invest in Milton Keynes, to grow the facility and hopefully through what we do we've managed to put Milton Keynes a little bit on the map on the world stage."
Click below for the full interview with Christian Horner.
The benefits of having a Formula One racing team based in your town will be highlighted at a special ceremony in Milton Keynes.
The Red Bull Racing Formula One team plays a vital role to the town.
As well as pumping millions into the local economy, it employs more than 500 people and attracts new investment to the town.
Later tonight the team which is based in Tilbrook will be awarded the Freedom of the Borough.
Click below to watch Russell Hookey's report.
The Mayor of Milton Keynes said the town wants to "recognise" the achievements of Red Bull Racing.
Brian White made the comments ahead of a special ceremony tonight, honouring Red Bull Racing with the Freedom of the Borough.
Mr White, Mayor of Milton Keynes, said: "We've always had a long history of motor sport in Milton Keynes, but Red Bull have been particularly successful over the last few years and we want to recognise that."
Click below to hear the mayor's comments.
Reigning Formula One world champions Red Bull will recieve yet another honour later tonight.
The team, which is based in Milton Keynes, will receive the Freedom of the town at a special ceremony tonight.
The prestigious award marks the tremendous success of the four time world champions.
Latest ITV News reports
Formula One champions Red Bull Racing based at Milton Keynes will be honoured with Freedom of the Borough in a ceremony tonight.