Mandaric was a former owner of Portsmouth, Leicester City and Sheffield Wednesday.
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He passed away at a hospital in the Serbian capital of Belgrade on Saturday following a short illness. Mandaric was most recently the vice-president of Serbian team Vojvodina who are based in the city of Novi Sad where he grew up.
Mandaric owned Portsmouth from 1999 to 2006, Leicester from 2007 to 2010 and Wednesday between 2010 and 2015.
"His love for football was only surpassed by that for his family. He will be sadly missed by his two daughters and three grandchildren," said a family statement.
