The three-times Formula One world champion Niki Lauda, regarded as one of the finest racers of all time, has died at 70 after battling declining health.

In 1976, Lauda was almost killed at the German Grand Prix in one of the most famous accidents in the history of motorsport, but went on to make a remarkable recovery.

Chase Carey, the chairman and chief executive of the Formula One group, said: 'His love of racing and the courage he demonstrated were simply extraordinary and he inspired so many fans.'

The Austrian also became a successful airline entrepreneur and went on to have senior roles in F1 management, most recently as non-executive chairman at Mercedes since 2012, where he helped bring Lewis Hamilton to the team.