The co-owner of Red Bull, Dietrich Mateschitz, has died at the age of 78.

The Austrian businessman co-founded the energy drink company in the mid-1980s, and played a key role in the creation of its Formula One team two decades later.

His death was confirmed on Saturday prior to qualifying for the United States Grand Prix, and F1 paid tribute to his "unforgettable contribution.”

A big fan of extreme sports, after founding the Red Bull brand in 1987 he eventually used its success to move into such as surfing, mountain biking and winter sports.

Red Bull also entered the world of football, purchasing teams in Salzburg, Leipzig and New York among others.

Mateschitz's legacy will be most closely associated with motorsport, though, and the success of the Red Bull F1 team.

He came into the sport working with Sauber in the 1990s, before purchasing the Jaguar team prior to rebranding it as Red Bull ahead of the 2005 season.

The team has since achieved 79 pole positions, 89 race wins, six drivers' titles and four constructors' titles.

President and CEO of F1, Stefano Domenicali, said of Mateschitz: "I am deeply saddened by the news that Dietrich Mateschitz, a hugely respected and much-loved member of the Formula One family has passed away.

"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.

"I will miss him greatly, as will the whole community in Formula One, and our thoughts and prayers are with his family, friends, and the Red Bull and AlphaTauri teams at this very sad time."

We are saddened to hear of the death of Dietrich Mateschitz

The co-founder of Red Bull made an unforgettable contribution to F1, and leaves a lasting legacy pic.twitter.com/ZuBxwY5CzS

— Formula 1 (@F1) October 22, 2022