Thursday 2 February at 06:35 : Feb.2 (GMM) F1 team owner Dietrich Mateschitz has donated a staggering EUR 70 million to a medical research university in his native Austria.

The local 'Salzburg 24' reports that the 67-year-old billionaire, whose energy drink company owns the Red Bull and Toro Rosso teams, donated the money to the Paracelsus Medical University.

Mateschitz reportedly wants the money to be used for research into incurable spinal injury and paralysis.

The report said the university was founded in 2002 with Mateschitz's support.

"This is the third highest amount ever donated to a university in Europe by a private person," said a university official.

"We are very grateful and also aware of the great responsibility that comes with such a high sum."

The Spanish press quoted the publicity-shy Mateschitz as saying: "It is a very worthy project and I want to help."