Lino Gastaldello had owned Wilier bikes, with his brother, since 1969. He was hit by a car and thrown for 30 metres. Police are investigating the crash.
Derek Farrant, owner and MD of ATB Sales, Wilier’s UK distributor, said:
"It was with great sadness that we learned of the tragic death of Lino Gastaldello at the weekend.
"Lino, the owner, president and patriarch of Wilier bikes was hit by a car during his regular daily ride in Triestina, Italy.
"For the last 30 years, Lino had turned around the fortunes of the 103 year old Italian brand. Whilst Lino was still involved, the company has been successfully run in recent years by his sons Enrico, Michele, and Andrea.
“He was much loved and respected and his loss will be deeply felt by all around him. His passion for his company and especially for their racing activities was immediately obvious the first time we met him. We extend our heartfelt sympathy to Lino’s family and to all our friends at Wilier.”