Dietrich Mateschitz, Red Bull co-founder and Australian billionaire, has died at 78. He battled a long illness, but his legacy will remain. He made Red Bull into a household name and a wildly popular energy drink, and through that he managed to amass an impressive fortune. He used some of that fortune to develop and operate a highly qualified team on the Formula 1 racing circuit, and his team was very successful for many years.

The principal of the team, Christian Horner, talked to reporters recently about Mateschitz and the influence he had on everyone around him. Speaking to reporters at the recent Grand Prix in Austin, Texas, Horner said he is grateful to Mateschitz for all the opportunities he has provided, and the vision he had for the sport. He also encouraged everyone to continue to follow their dreams, and to never be afraid to do so.

The Formula 1 CEO, Stefano Domenicali, also made a statement addressing Mateschitz’s death and the deep sadness that the F1 community feels at his passing. He was a visionary who was well-respected by the drivers and others in F1, and someone who worked to transform the sport to make it even better over time. He was also, according to Domenicali, a “much-loved member of the Formula 1 family.”

His success with Red Bull allowed Mateschitz to fully enjoy his F1 team, and also own football clubs in New York, Austria, and Leipzig. He sponsored a number of additional sports as well, including winter sports, mountain biking, surfing, and cliff diving. Even while battling illness for the last several years of his life, Mateschitz was focused on others and how much joy they gained from remaining active in the world.

He wanted to bring new and exciting options to F1 and other sports, and create strong teams who could see higher levels of success. It’s fair to say he succeeded.

Unfortunately, we never know how much time we have left. If you do not have a current Will or other estate planning documents in place, contact The Estate Planning & Legacy Law Center today. Documenting your wishes now can provide peace of mind!