Lauda, who was hospitalised in January for about 10 days while suffering from influenza, died on Monday, according to a family statement published by Austrian media.

“With deep sadness, we announce that our beloved Niki has peacefully passed away with his family on Monday, May 20, 2013,” the statement said.

“His unique achievements as an athlete and entrepreneur are and will remain unforgettable, his tireless zest for action, his straightforwardness and his courage remain a role model and a benchmark for all of us, he was a loving and caring husband, father and grandfather away from the public, and he will be missed.” (Writing by Greg Stutchbury; Editing by Ian Ransom)