The Austrian businessman, who founded the energy drink company in 1984, was instrumental in the brand’s involvement in F1.
Mateschitz owned 49% of the energy drink brand and was the driving force behind its move into racing, which began in the mid-1990s.
He is survived by his longtime partner Marion Feichtner and his son Mark Gerhardter.
Mateschitz graduated from the Vienna University of Economics and Business with a degree in marketing in 1972.
He worked for Unilever before joining Blendax, a German cosmetics company owned by Procter & Gamble.
During a work trip, he discovers Krating Daeng, the drink developed by Chaleo Yoovidhya which becomes Red Bull.
Red Bull first entered F1 in 1995 in partnership with Sauber, increasing its stake to 60% before the collaboration ended at the end of 2001.
In November 2004, he bought the Jaguar Racing team from the former Ford owners and created Red Bull Racing.
That year Mateschitz also purchased the Austrian A1-Ring, completing extensive renovations and renaming it Red Bull Ring before its reopening in May 2011.
A year later, he and Gerhard Berger teamed up to buy the Minardi team from Paul Stoddart, renaming it Scuderia Toro Rosso.
Red Bull won its first championships in 2010 with Sebastian Vettel, winning both titles that year and the following three seasons.
Outside of racing, Mateschitz purchased football clubs SV Austria Salzburg and MetroStars, renaming them Red Bull Salzburg and New York Red Bulls.
He founded football team RB Leipzig in 2009 and also owns German ice hockey club EHC Munchen, which changed its name to Red Bull München.
