Austrian three-time Formula One champion, Niki Lauda, died at the age of 70, his family announced in a statement.

Lauda passed away on Monday, less than a year after he had a lung transplant.

The family said that the world champion would "remain a role model and a benchmark for all of us".

Lauda is the only man to have won the drivers' title for both Ferrari and McLaren.

McLaren said it was "deeply saddened" to learn of the champion’s death, saying that Lauda would "forever be in our hearts and enshrined in our history".