Dietrich Mateschitz, the owner of Red Bull and a titan in the energy drink industry who also founded a sports empire and a Formula One team, passed away on Saturday at the age of 78, the firm announced.

In addition to expressing "sadness" over the Austrian billionaire's passing, Red Bull also expressed "thanks for everything he accomplished."

Mateschitz, whose estimated net worth is $27 billion (27.4 billion euros), was ranked as Austria's richest person by Forbes in 2022.

In addition to its engagement in Formula One, where the team's Dutch driver Max Verstappen is the world champion for the second year in a row, <a href="https://www.wionews.com/sports/fias-governance-under-the-spotlight-after-red-bulls-formula-1-cost-cap-breach-524526">Red Bull</a> purchased the Salzburg football club in Austria in 2005 and Leipzig in Germany later that same year.

The head of the Red Bull Formula One team, Christian Horner, described Mateschitz as a passionate supporter and the "backbone of all we do" in his tribute.

Also read |&nbsp;<a href="https://www.wionews.com/sports/red-bull-found-guilty-of-breaching-f1-cost-cap-says-fia-524200">Red Bull found guilty of breaching F1 cost cap, says FIA</a>

"It is very, very sad," said Horner, speaking at the United States Grand Prix in Austin, Texas.&nbsp;"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," he said.&nbsp;

(With inputs from agencies)

WATCH WION LIVE HERE:

<iframe allowfullscreen="" autoplay="1" class="includeVideo" frameborder="0" height="350" src="https://www.wionews.com/live-tv/embed" style="width:100%;max-width:560px;" width="560"></iframe>

Dietrich Mateschitz, the owner of Red Bull and a titan in the energy drink industry who also founded a sports empire and a Formula One team, passed away on Saturday at the age of 78, the firm announced.

Dietrich Mateschitz, the owner of Red Bull and a titan in the energy drink industry who also founded a sports empire and a Formula One team, passed away on Saturday at the age of 78, the firm announced. In addition to expressing "sadness" over the Austrian billionaire's passing, Red Bull also expressed "thanks for everything he accomplished." Mateschitz, whose estimated net worth is $27 billion (27.4 billion euros), was ranked as Austria's richest person by Forbes in 2022. In addition to its engagement in Formula One, where the team's Dutch driver Max Verstappen is the world champion for the second year in a row, Red Bull purchased the Salzburg football club in Austria in 2005 and Leipzig in Germany later that same year. The head of the Red Bull Formula One team, Christian Horner, described Mateschitz as a passionate supporter and the "backbone of all we do" in his tribute. Also read | Red Bull found guilty of breaching F1 cost cap, says FIA "It is very, very sad," said 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," he said. (With inputs from agencies) WATCH WION LIVE HERE:

Red Bull founder Dietrich Mateschitz passes away at 78

Formula One and the championship-leading Red Bull team mourned the death of the energy drink company's Austrian founder Dietrich Mateschitz on Saturday at the age of 78. Red Bull Racing principal Christian Horner confirmed the news ahead of qualifying for the U.S. Grand Prix in Austin, Texas, where the team can clinch a fifth constructors' championship.

Red Bull's Max Verstappen has already won the drivers' title for the second year in a row. "What he (Mateschitz) achieved and what he's done for so many people around the world, across different sports, is second to none," said Horner. "So many of us have to be so grateful to him for the opportunities that he's provided, the vision that he had, the strength of character and never being afraid to follow and chase your dreams. "That's what he did here in Formula One, proving that you can make a difference ... so many drivers, so many team members, so many people in this pitlane owe him so much," he told Sky Sports television.

Mateschitz bought the Ford-owned Jaguar team at the end of 2004 and turned it into Red Bull Racing, an outfit whose maverick image masked a fierce competitive spirit. The Austrian also bought the Italy-based Minardi team and renamed it Toro Rosso, the Italian for Red Bull. They now compete as AlphaTauri, the company's fashion brand.

The arrival of Adrian Newey, one of the sport's greatest designers who had penned title-winning cars for Williams and McLaren, turbocharged Red Bull's progress and Germany's Sebastian Vettel won four titles in a row from 2010-13.

Red Bull also won the constructors' title in all four seasons. "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," said Formula One chief executive Stefano Domenicali. "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."

ALSO READ |&nbsp;<a href="https://www.wionews.com/sports/fifa-president-gianni-infantino-says-broadcasters-offer-100-times-less-for-womens-world-cup-527582">FIFA president Gianni Infantino says broadcasters offer '100 times less' for Women's World Cup</a>

Mateschitz's death comes with Red Bull embroiled in a budget breach controversy that has teams up and down pitlane demanding a harsh penalty. But those same teams after learning of Mateschitz's passing quickly took to social media on Saturday expressing their condolences and praising him for his vision and contributions to the sport.

Aston Martin, Alfa Romeo and McLaren, whose team principal Zak Brown hours earlier had engaged in tense exchange with Horner over the budget issue during a press conference were among those offering their sympathies.

"Following the sad passing of Dietrich Mateschitz, our thoughts and condolences are with Dietrich’s family and friends, @RedBullRacing, @AlphaTauriF1 and the wider @RedBull family. Rest in peace," said McLaren on their official Twitter account.

Horner said he was happy that at least Mateschitz got to see Verstappen clinch the driver's title two weeks ago in Japan. Verstappen will start Sunday's race on the front row alongside Ferrari pole sitter Carlos Sainz but said he would be trying to make Mateschitz proud. "I think of what he has meant for of course Red Bull and also the sport and especially for me what he has done for me in general in my career so far and my life," said Verstappen. It's a really tough day. "We gave it everything today in qualifying but unfortunately we missed out by a little bit but there is still a race ahead of course and we're going to try and make him proud tomorrow."

Formula One and the championship-leading Red Bull team mourned the death of the energy drink company's Austrian founder Dietrich Mateschitz on Saturday at the age of 78.

Formula One and the championship-leading Red Bull team mourned the death of the energy drink company's Austrian founder Dietrich Mateschitz on Saturday at the age of 78. Red Bull Racing principal Christian Horner confirmed the news ahead of qualifying for the U.S. Grand Prix in Austin, Texas, where the team can clinch a fifth constructors' championship. Red Bull's Max Verstappen has already won the drivers' title for the second year in a row. "What he (Mateschitz) achieved and what he's done for so many people around the world, across different sports, is second to none," said Horner. "So many of us have to be so grateful to him for the opportunities that he's provided, the vision that he had, the strength of character and never being afraid to follow and chase your dreams. "That's what he did here in Formula One, proving that you can make a difference ... so many drivers, so many team members, so many people in this pitlane owe him so much," he told Sky Sports television. Mateschitz bought the Ford-owned Jaguar team at the end of 2004 and turned it into Red Bull Racing, an outfit whose maverick image masked a fierce competitive spirit. The Austrian also bought the Italy-based Minardi team and renamed it Toro Rosso, the Italian for Red Bull. They now compete as AlphaTauri, the company's fashion brand. The arrival of Adrian Newey, one of the sport's greatest designers who had penned title-winning cars for Williams and McLaren, turbocharged Red Bull's progress and Germany's Sebastian Vettel won four titles in a row from 2010-13. Red Bull also won the constructors' title in all four seasons. "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," said Formula One chief executive Stefano Domenicali. "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." ALSO READ | FIFA president Gianni Infantino says broadcasters offer '100 times less' for Women's World Cup Mateschitz's death comes with Red Bull embroiled in a budget breach controversy that has teams up and down pitlane demanding a harsh penalty. But those same teams after learning of Mateschitz's passing quickly took to social media on Saturday expressing their condolences and praising him for his vision and contributions to the sport. Aston Martin, Alfa Romeo and McLaren, whose team principal Zak Brown hours earlier had engaged in tense exchange with Horner over the budget issue during a press conference were among those offering their sympathies. "Following the sad passing of Dietrich Mateschitz, our thoughts and condolences are with Dietrich’s family and friends, @RedBullRacing, @AlphaTauriF1 and the wider @RedBull family. Rest in peace," said McLaren on their official Twitter account. Horner said he was happy that at least Mateschitz got to see Verstappen clinch the driver's title two weeks ago in Japan. Verstappen will start Sunday's race on the front row alongside Ferrari pole sitter Carlos Sainz but said he would be trying to make Mateschitz proud. "I think of what he has meant for of course Red Bull and also the sport and especially for me what he has done for me in general in my career so far and my life," said Verstappen. It's a really tough day. "We gave it everything today in qualifying but unfortunately we missed out by a little bit but there is still a race ahead of course and we're going to try and make him proud tomorrow."

Red Bull F1 team mourn death of founder Dietrich Mateschitz at the age of 78

From Saudi PIF to Sheikh Mansour: Top five richest football club owners in the world