Bates infamously bought Chelsea for £1 back in 1982, when the Blues were still playing in the old Second Division, as he agreed a deal to take on debts of £1.5m n West London, and established them as a Premier League ever-present in the following years.
He eventually sold the club to Roman Abramovich in 2003 in a deal worth £140m with the Russian businessman going on to invest heavily in the playing squad and winning five Premier League titles under his leadership.
Following his exit from Stamford Bridge in 2003, Bates became the principal owner and chairman of struggling Championship team Leeds United, after buying 50% of the club.
He remained in place for seven years and Chelsea have paid tribute to him following the news.
"It is with great sadness that we share the news of the loss of Ken Bates, former owner and chairman of Chelsea Football Club.
"The club sends our heartfelt condolences to Ken's wife Suzannah, the rest of his family and his friends.
"Ken's determination to fight for Chelsea when times were tough, and drive the team on to winning trophies will never be forgotten."