The Red Bull co-owner Dietrich Mateschitz has died at the age of 78, reports says. The Austrian billionaire, vital in Red Bull’s stake in Formula One, had been battling a long-term illness.

However, the death of Diettrich was announced to Red Bull staff before qualifying for Sunday’s United States Grand Prix at the Circuit of Americas in Austin.

Mateschitz founded the energy drinks company in 1984 and bought the Jaguar F1 team 20 years later and renamed it Red Bull Racing the following season.

“It is with great sadness that we learned of Dietrich’s death,” said Red Bull team principal ,Christian Horner. “He was an incredible man and he loved Formula One. We owe him a great deal as a team, and what he would want more than anything is to see his two cars go out in qualifying today. My thoughts are with his family.”