"With deep sadness, we announce that our beloved Niki has peacefully passed away with his family on Monday", this was part of a statement that the family released. 

"His unique achievements as an athlete and entrepreneur are and will remain unforgettable, his tireless zest for action, his straightforwardness and his courage remain", the statement added. 

The Austrian passed away at the age of 70 with three Driver's Championships to his name. 

Lauda's career had almost ended prematurely in 1976, when he lost control of his Ferrari on the Nürburgring, which burst into flames. Flame and smoke inhalation had Lauda on the brink of death in his vehicle, but he managed a full recover, only to be on the track just 6 weeks later, still sporting burns and injuries. 

He won the Driver's Champioship the year after, and retired in 1979. 

"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." 

@SamLudidi OFM Sport