Red Bull co-founder Dietrich Mateschitz dead at 78

Red Bull co-founder Dietrich Mateschitz has passed away at the age of 78 following a long period of illness.

Just moments before qualifying at the US Grand Prix, Red Bull team boss Christian Horner had gathered all staff members at the team's hospitality unit.

Outside, there was speculation the gathering was perhaps linked to the team's cost cap controversy, suggesting that a communication on the matter was imminent. Alas, the news was far sadder.

Mateschitz had been battling illness for some time, so the Austrian billionaire's death was not unexpected.

Hard years of perseverance and a stroke of marketing genius elevated Mateschitz's energy drink company to the number one brand in its niche with huge awareness.

Red Bull's incredible success story started in Thailand where Mateschitz, traveling in the country as a sales rep for Procter & Gamble, discovered a local drink called Krating Daeng developped by Thai businessman Chaleo Yoovidhya that substantially helped cure his jet lag.

Mateschitz and Yoovidhya partnered to create Red Bull, with each man owning 49% of the company while the remaining 2% were held by Yoovidhya's son, Chalerm.

Mateschitz's genius based on a marketing heavy approach closely associated with the world of extreme sports ensured the company's exponential growth.

Red Bull's first foray into Formula 1 was in 1995 with Sauber, but the energy drink company became a team owner in 2004 upon its acquisition from Ford of the Jaguar team, which was renamed Red Bull Racing.

That year, Mateschitz also bought the A1-Ring in Spielberg which was extensively renovated and renamed Red Bull Ring, with the circuit complex reopening in May 2011.

In 2005, Mateschitz partnered with former F1 driver Gerhard Berger to acquire the Minardi team, which was renamed Scuderia Toro Rosso.

Red Bull Racing's success, spearheaded by team boss Christian Horner and motorsport advisor Helmut Marko, yielded the team's first world title in 2010 with Sebastian Vettel, a milestone achievement repeated in the following three seasons.

Mateschitz's passion for sport also led to his acquisition of football teams Red Bull Salzburg, New York Red Bull (USA) and RB Leipzig (Germany), as well as German ice hockey club Red Bull München.

"It is very, very sad. What a great man!" said Red Bull team principal Christian Horner, speaking to the media in the paddock at COTA.

"We are just incredibly grateful for him and everything he has done, everything he has supported us with over the years and so many drivers, so many team members, so many people in this pitlane owe him so much.

"It is important that we celebrate and recognise the contribution that he has made. Quite a remarkable man, an inspiration, and one that we owe a huge amount.

"He is few of a kind," added Horner. "What he achieved and what he has done for so many people, across different sports is second to none.

"So many of us have to be so grateful to him for the opportunities he has provided, for the vision that he had, the strength of character and never being afraid to follow your dreams and chase your dreams.

"That is what he did here in Formula 1, proving that you can make a difference."

Mateschitz leaves behind a significant legacy as one of the most important personalities in the history of Formula 1.

The Austrian is survived by long-term partner Marion Feichtner and son Mark Gerhardter.

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