Bernie Ecclestone has confirmed his death to BBC Sport on Monday afternoon.
They reported Mr Ecclestone said: “It’s like losing family, like losing a brother, Max and I.
"He did, a lot of good things not just for motorsport, also the (car) industry he was very good in making sure people built cars that were safe."
Mosley, who was born in London on April 13, 1940, was the son of 1930s British fascist leader Sir Oswald Mosley.
In 2008 he won a privacy case against the News of the World newspaper after it printed photographs and published video of his involvement in a sadomasochistic sex session.
It was reported by the newspaper as a "sick Nazi orgy", but Justice Eady found no evidence of Nazi themes in his judgement. He also said there was no public interest defence in the clandestine recording of the session.
This is a breaking news story and will be updated as more comes in
A message from the Editor:Thank you for reading this article. We're more reliant on your support than ever as the shift in consumer habits brought about by Coronavirus impacts our advertisers.
If you haven't already, please consider supporting our trusted, fact-checked journalism by taking out a digital subscription.