By james art John had a distinguished career as a businessman in County Durham and acquired the quarry near Newton Aycliffe in 1972.
The John Wade Group grew and bought other sites before selling the Aycliffe quarry to the Ashcourt Group.
He became a beloved figure on the North East racing scene and his racing club paid a heartfelt tribute to him.
A spokesperson for Rebecca Menzies Racing said: “It is with great sadness and shock that we share the news that John Wade passed away tonight.
“John has meant and will always mean so much to us, not only as our landlord but also as our owner, our biggest supporter, our inspiration in so many ways and most importantly our friend.
“Together with his lifelong friend Maria, they have both contributed to the success we have enjoyed and shared as a team since coming to Howe Hills many years ago.
“We are so grateful to have enjoyed a very special day in Downpatrick last week, with John and Maria enjoying a winner, each in their colours.
“John said the day was fantastic and the best he could have hoped for and we say it’s the least we could do for you.
“John knows we will uphold his standards and integrity as we look forward to many more years at Howe Hills with success and a performance he would be proud of.
“We know we wouldn’t be where we are now without him, and he will be greatly missed.”
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A spokesman for Hexham Racecourse said: “Everyone at Hexham Racecourse is deeply saddened to learn of the passing of John Wade.
“John was a strong supporter of National Hunt Racing in the North and will be sorely missed.
“Our thoughts are with everyone at Howe Hills and all those who were close to John.”