Davidson had owned the Pistons since 1974 and won NBA championships in 1989, 1990 and 2004.
He also won the 2004 Stanley Cup with the Tampa Bay Lightning, the NHL team he owned until 2008, and three titles with the WNBA's Detroit Shock.
"Over the last 35 years, Bill Davidson's impact on the sports world and the NBA in particular has truly been legendary," NBA Commissioner David Stern said in a statement.
"From his seven championships in three different leagues...to his incredible business successes to his extraordinary community service, Bill set a standard for ownership in sports that will be difficult for anyone to match."
Davidson was inducted into the Basketball Hall of Fame last year.
The cause of death was not immediately released.
"He will not only be remembered as a great owner but also as a person who made a difference in many people's lives," Pistons coach Michael Curry said in a statement.
