Formula One CEO Stefano Domenicali praised Dietrich Mateschitz for helping to "transform our sport" as he paid tribute to the Red Bull owner, who died on Saturday.
Mateschitz catapulted Red Bull into F1 when purchasing the Jaguar team and latterly Minardi following an already lengthy involvement via sponsorship deals.
News of his passing broke on Saturday, just 40 minutes before qualifying at the United States Grand Prix was scheduled to begin, with Red Bull calling all team personnel into its hospitality unit to privately confirm rumours.
Team principal Christian Horner has labelled Mateschitz as an 'inspiration' with Domenicali later paying respect on behalf of F1.
“I am deeply saddened by the news that Dietrich Mateschitz, a hugely respected and much-loved member of the Formula 1 family has passed away," said the former Ferrari team principal.
“He was an incredible visionary entrepreneur and a man who helped to transform our sport and created the Red Bull brand that is known all around the world.
“I will miss him greatly, as will the whole community in Formula 1, and our thoughts and prayers are with his family, friends and the Red Bull and AlphaTauri teams at this very sad time.”
FIA president Mohammed Ben Sulayem added: "I am deeply saddened to hear the news that Dietrich Mateschitz has passed away.
"He was a towering figure in motorsport and with Red Bull, not only established two hugely successful Formula 1 teams but also supported motorsport of every kind and helped the careers of countless young drivers, through Red Bull's junior programmes.
"The thoughts of all the FIA family are with his loved ones at this time and he will be greatly missed."