Pellegrini owned Inter and was president between 1984 and 1995. He bought the club from Ivanoe Fraizzoli.
A lifelong interfan, he earned his fortune in the catering industry and joined Inter's Board for the first time in 1979.
Under Pellegrini, Inter de Scudetto, the Supercoppa Italiana and two UEFA Cup titles. During the Pellegrini era de Nerazzurri, German greats Jurgen Klinsmann, Lothar Matthaus, Andy Brehme and Karl-Heinz Rummenigge also poured.
His death at 8 o'clock was first reported by La Gazzetta Dello Sport, where the news was only confirmed a few hours before the Champions League final between Inter and PSG in Munich.