Red Bull, the energy drinks company, has become a big part of Formula 1 since its inception. Founded in 2004, after the acquisition of Jaguar, the Austrian company has gone on to become one of the most successful constructors in the sport. In the following year, Red Bull also acquired Minard, which became Red Bull’s sister team known as AlphaTauri today.

Safe to say, these two deals, worth millions of dollars, have affected the sport’s modern history. Although, let’s talk about the man behind it all whose death the entire F1 world is mourning.

Who is Dietrich Mateschitz, the man behind Red Bull Racing?

Dietrich Mateschitz was an Austrian billionaire who is worth a massive 20.2 billion dollars. The Austrian co-founded the energy drink company in 1987 with Thai businessman Chaleo Yoovidhya, who passed away in 2012.

However, before the energy drink company, Mateschitz was a marketing man for the German company Blendax. He then discovered Krating Daeng, the drink originally concocted by Yoovidhya. Later, the two joined hands to create Red Bull and used Mateschitz’s marketing prowess for aggressive promotions.

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Years after its inception, the beverage company has now become the world’s largest energy drink company with $9.2 billion in revenues in 2021. Mateschitz derives most of his wealth from his 49% stake in Red Bull.

The Austrian used the same wealth to promote the company through various branded assets. Among various assets, including RB Salzburg and RB Leipzig, one such asset is Red Bull Racing.

Who Owns the Red Bull F1 Team?

Safe to say, the Austrian billionaire, Dietrich Mateschitz, is the reason we have one of the best teams on the grid. This is exactly why the news of his passing is a huge loss for the team and everyone involved.

F1 reacts to the passing of Red Bull’s owner

The Austrian drinks company owner had been gravely ill for some time, according to multiple reports. He wasn’t part of the F1 team’s dealings with Porsche as well, and hadn’t made any public appearances in a long time.

CEO of Formula 1, Stefano Domenicali, 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”

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Talking to Sky Sports F1, Red Bull team boss Christian Horner shared, “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 [he had], and never being afraid to follow dreams, and chase dreams. That’s what he did here in F1, proving that you can make a difference.

The 78-year-old is not with us anymore after succumbing to long-term illness and the news broke right before the 2022 US GP qualifying.