Frye to stay with Red Bull

Frye joined the team last January as the team's vice president and general manager and progressively took over some of Guenther Steiner's functions, until the Italian - formerly technical director - left the team early in the season.

He had reportedly received an offer from Tony Stewart recently to join his newly-formed team next year, but the announcement from his current team has now put the matter to rest.

"I'm extremely pleased and quite excited to continue my relationship with Red Bull Racing Team," said Frye. "It truly is amazing to see the levels of potential, desire and dedication this organization has for wanting to succeed and be a leading force each and every weekend we compete on the track.

"To be able to continue to see this team achieve its long-term goals is something I'm very committed to."

Since joining the team, the squad's results have improved notably, claiming their first win in the non-points Sprint Showdown, where AJ Allmendinger also claimed his maiden NASCAR win, qualifying for the All-Star race.

His teammate Brian Vickers currently ranks 15th in the points and has claimed three top-five finishes, topped by a second place at Pocono in June, his entry well within the top-35 in the owners' standing.

While Vickers' place with the team for next year is not in doubt, Allmendinger's future is still up in the air. Red Bull racer Scott Speed is set to make his Sprint Cup debut next month at Lowe's Motor Speedway.