The Red Bull Formula 1 team said on Saturday that the company's co- founder, Dietrich Mateschitz, had died at the age of 78.
The Austrian co- founded the energy drink after seeing the potential in another energy drink created by a Thai investor.
Red Bull was launched in Austria in 1987 after 3 years of work on a formula for western consumers.
It went on to become the world's best-selling energy drink and helped create a fortune estimated to be worth 25 billion dollars.
Red Bull sold more cans last year than in the previous year, with revenue increasing by almost a quarter.
One of the most successful teams in the sport was created by Mateschitz. He bought the Jaguar team in 2002 and renamed it Red Bull Racing.
In 2010 it won both the drivers' and constructors' titles. Red Bull has won 89 races and six titles.
"So many of us have to be so grateful to him for the opportunities he provided and the vision that he had, the strength of character and never being afraid to chase your dreams," Christian said.
He proved that you can make a difference when he competed in Formula One. We are just incredibly thankful.
F1 CEO Stefano Domenicali said he was "deeply sad" by the death of a member of the Formula 1 family.
He was an incredible visionaryentrepreneur and a man who helped to transform our sport and create the Red Bull brand that is known all around the world.
Red Bull owned football clubs including Austria's Red Bull Salzburg.
The Red Bull brand is displayed by hundreds of competitors in mountain biking and surfing.
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