Red Bull owner Dietrich Mateschitz, a giant in the world of energy drinks and founder of the Formula One team and a sports empire, has died aged 78, the company said.
Red Bull expressed both its "sadness" at the Austrian billionaire's death and "gratitude for what he accomplished".
Mr Mateschitz was named as Austria's richest person by Forbes in 2022 with an estimated net worth of €27.4 billion.
Besides its involvement in Formula One, the team's Dutch driver Max Verstappen is the world champion for the second consecutive year.
Red Bull bought the football club of the Austrian city of Salzburg in 2005, then Leipzig in Germany.
The head of the Red Bull Formula One team, Christian Horner, described Mr Mateschitz as a passionate supporter and the "backbone of all we do" in his tribute.
"It is very, very sad," said Mr Horner, speaking at the United States Grand Prix in Austin, Texas.
"A great man, one of few of a kind, for what he achieved and he has done for many people around the world and across so many sports."
Mr Horner told Sky Sports F1 that Mr Mateschitz "proved you can make a difference".
"He was a passionate supporter and the backbone of all we do. A remarkable man and inspirational individual." he added.
His legacy, the Red Bull energy drink, was born during one of his many business trips as marketing director of a German cosmetics company when he was served a sweet beverage common in Asia in a luxury bar in Hong Kong.
Mr Mateschitz decided to partner up with the beverage's developer Thai businessman Chaleo Yoovidhya and the two men founded Red Bull in 1984.
Little is known about Mr Mateschitz's private life. He was publicity shy and rarely gave interviews. He lived in Salzburg with his long-term girlfriend and once said years ago that he drank 10 to 12 cans of Red Bull a day.
It is not clear what consequences the Red Bull empire will face after his death. His only son Mark, 30, who most recently acted as managing director of one of his father's investment companies is seen as a possible successor.
