Jernstedt was regarded as one of the most important administrators in American basketball in the 21st century, having served as USA Basketball President from 2001 to 2004 and also serving on the Board of Directors for many years.

He was inducted into the Naismith Memorial Basketball Hall of Fame in 2017, joining a prestigious group of American basketball greats including Michael Jordan, Larry Bird and the Harlem Globetrotters.

"Tom was a steadfast supporter and a tireless contributor to USA Basketball, international basketball and the NCAA," said USA Basketball chief executive Jim Tooley.

"He cared greatly about the sport of basketball and even more about the athletes and coaches who represented USA Basketball.

"Tom was a good friend and mentor to me and to many others at USA Basketball – he will be missed."

Perhaps Jernstedt's greatest legacy in the sport is his work in developing the NCAA basketball tournament, which earned him the nickname "Father of the Final Four".

Having worked at the first NCAA men's basketball tournament in 1973, he pushed the growth of the competition from 25 to 68 teams.

According to The Oregonian, the NCAA increased its television contract from just over $1 million (£767,000/€848,000) to more than $10 billion (£7.67 billion/€8.48 billion) when he left in 2011.

Now the tournament is known under the famous moniker "March Madness" and is known for its dramatic match-ups. 

The event is considered one of the most lucrative university tournaments in the world.

"His innovation and superb ability to develop relationships turned a basketball tournament into a three-week phenomenon that became a global event," said Dan Gavitt, the NCAA senior vice-president.

March Madness is also linked to the latter stages of the tournament, well-known in sport as the "Sweet Sixteen" and the "Final Four", from which Jernstedt received his nickname.