Mazepa launched his squad last year, taking over iSport's GP2 entry and winning the series' teams' title at the first attempt, with Sam Bird contending for the drivers' championship.
Russian Time has also entered GP3 for this season, and Mazepa had openly admitted he had plans to climb towards Formula 1 in the future.
A proud Russian whose cars bore the nation's flag, he played a significant role in making sure GP2 and GP3 were on the support bill for F1's first Russian GP at Sochi in October this year.
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The only information known so far about his death, which occurred on Monday February 3, is that it was due to thrombosis.
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