Red Bull co-founder Dietrich Mateschitz dies at 78

Jenny Goldsberry

October 23, 09:52 AM October 23, 09:52 AM

Red Bull co-founder and Formula 1 racing team owner Dietrich Mateschitz died Saturday at 78.

Although the Austrian billionaire had contended with cancer, according to Reuters, his racing team did not state the cause of his death in its announcement.

"The co-founder of Red Bull made an unforgettable contribution to F1, and leaves a lasting legacy," Formula One wrote of Mateschitz on Twitter.

ALEC BALDWIN SLAMMED FOR POST ABOUT RUST CREW MEMBER HALYNA HUTCHINS HE SHOT DEAD

"I am deeply saddened by the news that Dietrich Mateschitz, a hugely respected and much-loved member of the Formula 1 family has passed away," Formula 1 CEO Stefano Domenicali said in a statement. "He was an incredible visionary entrepreneur and a man who helped to transform our sport and created the Red Bull brand that is known all around the world."

Mateschitz, who was born in 1944, founded energy drink company Red Bull with Thai businessman Chaleo Yoovidhya in 1984, and with that business, he began getting into marketing campaigns in sports and entertainment.

Mateschitz got into racing when he reached a sponsorship deal with Sauber in 1995 and bought the Jaguar team in 2004, according to Yahoo Sports. That team turned into Red Bull Racing, which won several Formula 1 championships over the years, per the Associated Press. He also bought Minardi and rebranded it as Toro Rosso.

A wide range of people ensconced in the racing industry remembered Mateschitz fondly upon hearing news of his death.

Mateschitz "changed the sport forever," tweeted broadcaster Will Buxton.

"On behalf of the [Honda Racing Corporation], we are very sorry for the loss of Mr. Mateschitz, a man that supported our racing activity and helped us to achieve many of our targets and championships for Honda," Honda Racing Team manager Alberto Puig said in a statement.

"THANK YOU for everything you have done for our sport and for giving many athletes a chance to show their talent," driver Pato O'Ward wrote to Mateschitz on Twitter.

"With Dietrich Mateschitz, a great man has unfortunately left the world too early," driver Sophia Floersch tweeted. "10,000's of athletes, including many young people, are grateful to him for the opportunities and perspectives forever. A bitter loss."

Mateschitz was known as Austria's richest man, with Forbes ranking him the 51st-richest man in the world at a net worth of $20.2 billion.

He is survived by his son Mark.