Peay died on Wednesday, September 15 following a long illness.
A statement posted on Horsham's Twitter account from chairman Richard Marshall said: "It is with great sadness that I must share with you the news that our president, Barry Peay, passed away yesterday (September 15) following a long illness.
"A true gentleman and scholar, he was a loyal servant to both Horsham Cricket and Hockey Clubs as well as giving many years of service to the main club.
"His wisdom and intellect saw the club through many difficult times, latterly as a trustee of the club.
"Barry was a lifetime member of Horsham Cricket Club, a very fine opening batsman and agile fielder who latterly represented Sussex senior sides scoring a century on his 70th birthday for Sussex over-60s.
"His passion for the game ensured that county cricket was played regularly at Horsham until recently and he was very happy that it was due to return last year.
"The setting up for county cricket will never be the same without Barry.
"We remain indebted to Barry for his many years of friendship and service to the club and will remember him with fondness and miss him greatly.
"Our thoughts are with his wife Sarah and his family at this sad time."
The great and the good of Sussex took to Twitter to pay their respects to Barry.
Sussex Sharks' Vitality Blast captain Luke Wright, who is currently at Edgbaston preparing for T20 Finals Day, said: "Really sad news. Thoughts with you all and his family right now. Such a lovely man."
Sussex's wicketkeeper and former County Championship captain Ben Brown said: "Very sad news, rest in peace Barry x"
Former Sussex and Nottinghamshire opener, and current Horsham batsman, Chris Nash said: "Really sad news, he gave so much to cricket and was so important to @horshamcc from the juniors to County cricket. Always a friendly face and loved a chat, a huge loss and will be missed by all."
Ex-Sussex player Lewis Hatchett said: "Incredibly sad news. Thoughts are with his family. He was a face around Sussex Cricket that was undeniable. I enjoyed chatting with him when we got the chance. Horsham lost a good one."
Former Sussex wicketkeeper Tim Head said: "How sad and best wishes to all at Horsham CC, a club I respected enormously. You could not have a better chairman."
The Sussex Cricket Foundation said: "Very sad news indeed. Our thoughts are with Barry’s family & all connected to the club."
The head groundsman at Sussex, Ben Gibson, said: "What a great character and man. Always enjoyed working with him during County week at Horsham. My thoughts go out to his family and friends."
The ECB's pitches and ground advisor, Andy Mackay, said: "This is very sad news indeed. Barry was a lovely man who never failed to make me laugh and put a smile on my face. He was excellent company and a passionate and dedicated ambassador for cricket. He will be sorely missed."
Sussex's scorer for the men's first XI, and former Horsham scorer, Graham Irwin said: "Very sorry indeed to read & learn this news - RIP Barry!"
Horsham's near-neighbours Billingshurst CC said: "It is with great sadness we read this post. Our thoughts are with Sarah, the rest of Barry's family, close friends and you all at Horsham #RIPBarry"
Fellow local club West & Chiltington & Thakeham CC said: "Very sorry to hear this. Barry was a great servant to cricket and a great man."
Henfield CC said: "We are all sorry to hear this and send our condolences
Cuckfield CC said: "Very sorry indeed to see this sad news about a stalwart of Sussex cricket. Our thoughts are with Barry’s family and friends."
Hastings & St Leonards Priory CC said: "Devastating news. Barry was a wonderful gentleman, an excellent umpire & player. Thoughts from Hastings go to Barry’s family & friends & to Horsham CC."
Burgess Hill CC said: "Sorry to hear this guys RIP Barry."
Lindfield CC captain Simon Shivnarain said: "Such sad news, Barry was a lovely bloke who always had time for you."
Billingshurst CC skipper Mike Burroughs said: "So sorry to hear this. Barry was a lovely man. Thoughts with his family."
Haywards Heath CC batsman Stephen Goulds said: "Sad news! Lovely man, always happy to chat cricket. Condolences."
Former Preston Nomads CC player James McKemey said: "Very sad news. Barry was an absolutely lovely chap. Best wishes to his family and all at HCC."