Considered to be the richest man in Austria, Dietrich Mateschitz, the billionaire co-founder and owner of Red Bull, died after a serious illness with cancer.
Red Bull co-founder and CEO Dietrich Mateschitz, whose sports empire spanned worldwide, has sadly passed away at 78.
Born in Austria in 1944, Mateschitz founded Red Bull GmbH alongside Thai businessman Chaleo Yoovidhya in 1984. Red Bull would become the top energy drink company in the world, with Mateschitz owning 49 percent of the company.
They turned the energy drink into a market leader while showcasing the brand through a range of extreme sports.
Known for innovative and aggressive marketing, Mateschitz’s Red Bull found many ways to get its brand and logo in front of millions. They continued to sponsor extreme sports, and rename and buy sports teams in soccer and auto racing.
Red Bull jumped into Formula 1 with a sponsorship deal with Sauber in 1995 after Mateschitz purchased a majority share in the team. The company became a power player when it purchased the Jaguar team in 2004, later transforming it into Red Bull Racing. The team has won six Formula 1 Drivers Championships – four by Sebastian Vettel and two by Max Verstappen – plus four Constructors’ Championships.
Mateschitz also bought the Minardi squad, renaming it Toro Rosso for 2006. They used the team as a vehicle to train promising drivers for the works Red Bull operation.
Red Bull also moved into soccer with a controversial purchase at the time of SV Austria Salzburg, turning it into Red Bull Salzburg.
Stefano Domenicali, President and CEO of Formula 1, said: “I am deeply saddened by the news that Dietrich Mateschitz, a hugely respected and much-loved member of the Formula 1 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 1, and our thoughts and prayers are with his family, friends, and the Red Bull and AlphaTauri teams at this very sad time.”
