Niki Lauda, the three-time Formula One world champion and one of the sport's all-time greats, has died at the age of 70.

The Austrian racing driver, who received a lung transplant nine months ago, "passed away peacefully" early on Tuesday, his family said in a statement.

Lauda won the world championship for Ferrari in 1975 and 1977 and, after briefly quitting the sport to run an airline, for McLaren in 1984.

He famously narrowly escaped death in 1976 when his Ferrari crashed at the Nurburgring in Germany. He made a miraculous recovery despite horrific burns and finished second in the championship to James Hunt.

The rivalry between the pair was later made into a film starring Daniel Bruhl as Lauda and Chris Hemsworth as Hunt in 2013.

Niki Lauda: Life in pictures Show all 10 1 /10 Niki Lauda: Life in pictures Niki Lauda: Life in pictures Niki Lauda of the Parmalat racing team in his F1 Brabham Alfa Romeo during the British Grand Prix at Brand's Hatch in 1978 Getty Niki Lauda: Life in pictures Niki Lauda lifts the RAC Trophy and celebrates winning the Marlboro British Grand Prix on 18 July 1982 at Brand's Hatch Getty Niki Lauda: Life in pictures Lauda celebrating victory in the British Grand Prix at Brands Hatch on 22 July 1984 PA Niki Lauda: Life in pictures Lauda is congratulated by Prince Juan Carlos after winning the Spanish Grand Prix at the Jarama Circuit, Madrid, in a Ferrari on 2 May 1974 Getty Niki Lauda: Life in pictures Lauda (L) with his English rival James Hunt (C) chatting by the swimming pool of the Sheraton Hotel in Buenos Aires, January 1977 Getty Niki Lauda: Life in pictures Niki Lauda lifts the RAC Trophy and celebrates winning the Marlboro British Grand Prix on 18 July 1982 at Brand's Hatch PA Niki Lauda: Life in pictures Lauda in his Ferrari at Brands Hatch in 1976 PA Niki Lauda: Life in pictures Lauda chatting with his team manager, and car designer Mauro Forghieri during the Race of Champions at Brands Hatch in 1974 Getty Niki Lauda: Life in pictures Lauda and wife Birgit Lauda in 2013. The pair married in 2008 PA Niki Lauda: Life in pictures Lauda with Mercedes' Tom Wolff in 2014 PA

In their statement, his family said: "His unique successes as a sportsman and entrepreneur are and remain unforgettable.

"His tireless drive, his straightforwardness and his courage remain an example and standard for us all. Away from the public gaze, he was a loving and caring husband, father and grandfather. We will miss him very much."

Tributes paid to the driver on Tuesday morning included one from British racing driver Jenson Button, who said: "A legend has left us. Rest in peace Niki."

The McLaren Formula One team wrote on Twitter: "All at McLaren are deeply saddened to learn that our friend, colleague and 1984 Formula 1 World Champion, Niki Lauda, has passed away.

"Niki will forever be in our hearts and enshrined in our history."

Lauda set up his first airline, Lauda Air, in 1979. He retired from racing for good in 1985, and later founded a second airline, Niki, in 2003.

In later years, he served as the non-executive chairman of the Mercedes team and formed a close bond with driver Lewis Hamilton, who joined the team in 2013.

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Over the past few decades, Lauda twice underwent kidney transplants, receiving an organ donated by his brother in 1997 and a kidney donated by his girlfriend in 2005.

In August last year, he underwent a lung transplant that the Vienna General Hospital said was made necessary by a "serious lung illness."

The doctor that performed the transplant, Walter Klepetko, confirmed his death on Tuesday morning, the Associated Press reported.

He is survived by his second wife, Birgit, their twin children Max and Mia, and two adult sons, Lukas and Mathias, from his first marriage.