Elvstrøm, considered one of the greatest sailing athletes in the history of the sport, won four consecutive Olympic gold medals, beginning with the firefly title at London 1948.

He then won the finn event at Helsinki 1952, Melbourne 1956 and Rome 1960.

In addition to his sailing accolades, Elvstrøm also made a significant impact on the world of sailing away from the water, with his work including the invention of the self-bailing bailer, and the original Elvstrøm-swim vest.

He also contributed to several books on the rules of racing.

In 1954, Elvstrøm established his own business called Elvström Dinghy Sails.

He designed the distinctive red crown logo himself, which today remains the hallmark logo of the company.

Sailors competing at the 2016 Sailing World Cup Final in Melbourne woke up to the sad news today and paid tribute to Elvstrøm at the same venue where he won his third Olympic gold.

"I never knew he won his third medal right here, so being told that makes me like this place even more, and I hope I can be just like him and a win a medal here at the World Cup Final," said Tonci Stipanovic, the Rio 2016 Olympic silver medallist.

"He was at the top for a long time and to win four Olympic medals with less technology at that time, it would have been even harder to achieve what he achieved."

Compatriot Anne-Marie Rindom, a Rio 2016 Olympic bronze medallist, discussed Elstrøm's impact on the sport.

"He was a great hero for Denmark and for the world of sailing," she said.

"He inspired a lot of people.

"He won four gold medals and went to the Olympics eight times, that's impressive, but he was a great man and invented a lot of things for sailing that improved the sport."