"The ATP is deeply saddened to announce that Brad Drewett passed away at his home in Sydney, Australia, earlier today," said an ATP statement.
"Brad, who served as ATP executive chairman and president since January 2012, had been suffering from motor neurone disease.
"Our thoughts are with Brad's family on this extremely sad day for them, the ATP and the entire international tennis community. He will be sorely missed by all."
"A very sad day for the world of sports and tennis in particular. Our president Brad has passed away. Rest in peace," said Nadal on his Facebook page.
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A period of silence was observed at the draw for the Madrid Masters which starts on today.
Drewett said in January that he was stepping down from his role with the ATP after being diagnosed with the incurable disease.
However, he added at the time that he would continue as executive chairman and president of the ATP until a replacement was appointed.
"I hold the ATP very close to my heart and it's with sadness that I make the decision to enter this transition period due to my ill health.