DeVote, who was diagnosed with melanoma in September, died Saturday, the family said.
DeVoe was one of a group of local businessmen who founded the American Basketball Association team in 1967. The Pacers won three ABA championships before joining the NBA in 1976.
DeVote served as team president from 1968-74.
He was president of L.M. DeVoe Co., an electronics firm founded by his father. He was also a professional-level tennis player, holder of 11 Indiana open tennis championships and numerous seniors titles, the Indianapolis Star reported Wednesday.
DeVoe and his two younger brothers -- John, a former part-owner of the Pacers, and Stephen, a lawyer -- were instrumental in the downtown renaissance of Indianapolis, the newspaper said.
"It's not a stretch to say that without the DeVoes' foresight, without the Pacers getting it started, there might not be much of a downtown now," said Bob Netolicky, a former Pacers player.
DeVoe is survived by his wife of 61 years, Jody, as well as three children, seven grandchildren and one great-grandchild.