Storen died following a battle with a rare form of cancer, according to his daughter, ESPN's Hannah Storm.
Storen became the Pacers' first general manager in 1967 when the franchise joined the American Basketball Association (ABA). He was responsible for a number of significant hirings, including former Indiana star and eventual Hall of Fame coach Bobby "Slick" Leonard in 1968, who led the club to three ABA titles in the next five years.
Storen was also "instrumental in choosing the name 'Pacers,' designed the team's first logo, and chose its blue and gold colors," the team said in a statement.
After resigning from his role with the team, Storen became commissioner of the ABA in 1973. Though he stepped down the following year, he helped prepare the league for its eventual merger with the NBA in 1976.
Storen was also president of the Atlanta Hawks in 1977.