Red Bull announced the news ahead of qualifying at the United States Grand Prix, after team principal Christian Horner was seen calling every member of the team into their hospitality area. 

The Austrian billionaire businessman co-founded Red Bull GmbH in 1987 with Chaleo Yoovidhya and turned the energy drink company into a global market leader. 

Mateschitz bought the Jaguar team in late 2004 and renamed it Red Bull Racing. He also purchased Minardi and rebranded them as Toro Rosso. 

He played a vital role in turning Red Bull around from a midfield runner into F1 world champions in just six seasons. 

Red Bull has since gone on to win six drivers’ world championships with Sebastian Vettel and Max Verstappen

The Milton Keynes-based outfit has also claimed four constructors’ championships between 2010 and 2013, and is on the verge of winning a fifth this weekend in Austin. 

Mateschitz’s influence on motorsport is greatly felt, with his Red Bull brand appearing in many categories including MotoGP and the Dakar Rally. 

He helped revive the Austrian Grand Prix in 2014 after buying the A1-Ring in 2004 and renaming it the Red Bull Ring. 

His Red Bull brand has branched out to other sports such as football, taking ownership of teams including Red Bull Salzburg, RB Leipzig and New York Red Bulls. 

Red Bull team principal Christian Horner told Sky Sports: It’s very, very sad. What a great man, he’s few of a kind. What he achieved and what he’s done for so many people around the world, across different sports, is second to none.

"So many of us have to be so grateful to him for the opportunities he’s provided and the vision he had, the strength of character, and never being afraid to follow your dreams, and chase your dreams. That’s what he did here in F1, proving that you can make a difference.

"We’re just incredibly grateful for him, everything that he’s done, everything that he’s supported us with over the years. So many drivers, so many team members, so many people in this pit lane owe him so much.

"As he would have wanted, we now head into this qualifying exactly as he would have wanted it to be. He was passionate about F1, passionate about the team, and our determination is to go and do our best for him today, and obviously in the race tomorrow."

Crash.net wishes to pass its condolences to the Mateschitz family and Red Bull Racing.