Rafnsson was also President of the National Olympic Association of Iceland and had been elected to the Presidency of FIBA Europe in 2010, defeating Turkey's Turgay Demirel by 51 votes to 32.

"It is with great sadness that we heard of Olaf's passing," said Patrick Baumann, secretary general of FIBA and a member of the International Olympic Committee.

"On behalf of FIBA and of the basketball community as a whole, we want to offer our condolences to his family and loved ones.

"He did a lot of good for sports - in particular for basketball - over the course of his life."

Ólafur Rafnsson (left) pictured with IOC President Jacques Rogge

Rafnsson was a former player and won the Icelandic Championship in 1988 as part of the Haukar team.

"The world basketball community has lost one of its great servants today," said FIBA Europe secretary general Kamil Novak, who was also in Geneva at the time.

"He was a great personal friend of mine and he will be sorely missed by everyone who was lucky enough to cross paths with him."

Away from sport, he was a full-time lawyer, having graduated from the University of Iceland in 1990.

Rafnsson is survived by his wife Gerdur and his three children.

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