Red Bull’s punishment for breaking Formula One’s financial rules has been delayed following the death of the team’s co-owner Dietrich Mateschitz.

Mateschitz, the Austrian billionaire who founded the fizzy drinks company and played an integral role in Red Bull’s F1 journey, died aged 78 following a long-term illness.

His death was announced before qualifying at the Circuit of the Americas in Austin on Saturday. The grid will pay tribute to Mateschitz in the minutes before the United States Grand Prix – a race which could see Red Bull claim their first constructors’ title since 2013.