Red Bull co-founder and Formula 1 racing team owner Dietrich Mateschitz died Saturday at 78.
Although the Austrian billionaire had contended with cancer, according to Reuters, his racing team did not state the cause of his death in its announcement.
Mateschitz got into racing when he reached a sponsorship deal with Sauber in 1995 and bought the Jaguar team in 2004, according to Yahoo Sports. That team turned into Red Bull Racing, which won several Formula 1 championships over the years, per the Associated Press. He also bought Minardi and rebranded it as Toro Rosso.
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