WATCH: Motorsport world reacts to three-time F1 world champion Niki Lauda's death

Lauda had been recovering after a lung transplant eight months ago, and has had several setbacks since then. Family has reported that he had died peacefully in a statement on Monday, May 20."With deep sadness, we announce that our beloved Niki has peacefully passed away with his family on Monday," the statement read.

"His unique achievements as an athlete and entrepreneur are and will remain unforgettable, his tireless zest for action, his straightforwardness and his courage remain," added the statement.Earlier this week, GMM reported that Niki Lauda's push to return to good health and the F1 paddock has suffered yet another setback.

Osterreich newspaper has reported that the F1 legend and Mercedes team chairman had been receiving kidney dialysis treatment at a private clinic in Switzerland. It followed an earlier setback for the 70-year-old in the wake of his lung transplant last year, when he had to return to intensive care with Influenza.F1 and other motorsport drivers pay tribute to the incredible man:

We are deeply saddened about the passing of Niki Lauda. Our thoughts and condolences go out to the Lauda Family.

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