Dietrich Mateschitz, Red Bull co-founder and owner, passes away at 78

Dietrich Mateschitz

Major League Soccer is mourning the passing of Red Bull owner and co-founder Dietrich Mateschitz, who passed away on Saturday at age 78.

The Austrian executive co-founded Red Bull in 1984 and turned it into the leading sports drink company in the world.

Known for their unique marketing initiatives, Mateschitz’s Red Bulls pioneered the style of buying and renaming sports teams with the name and logo of the company, including the New York Red Bulls. The club was named the MetroStars before Red Bull purchased the franchise in 2006.

Major League Soccer released the following statement on Saturday:

"Major League Soccer is deeply saddened to learn of the passing of Dietrich Mateschitz, the founder of Red Bull. Since the purchase of Red Bull New York, Dietrich played an important role in the growth of Major League Soccer and the sport of soccer in the New York metropolitan area. We extend our condolences to his loved ones and everyone in the Red Bull family."

"It is a sad time for all of us at Major League Soccer as we mourn the passing of Dietrich Mateschitz, the founder of Red Bull New York and a passionate supporter of MLS," MLS Commissioner Don Garber said in a statement. "Throughout the past 16 years, his vision resulted in one of the great soccer stadiums in our region and a best-in-class player development system that has elevated the sport and our league at all levels."

"Dietrich’s innovative approach to marketing and branding has had lasting impact on a multitude of sports from soccer to auto racing to action sports. We will all miss his good nature and his big smile," he added. "Our deepest condolences go out to his family, friends and the entire Red Bull soccer community."