The band confirmed his passing on their Facebook page, saying: “The Ryder family and Happy Mondays band members are deeply saddened and shocked to say that Paul Ryder passed away this morning.
“A true pioneer and legend. He will be missed forever. We thank you for respecting the privacy of everyone involved at this time.
They added: “Long live his funk.”
Musicians have begun to pay tribute to Ryder, the bassist for the Manchester band, following news of his death.
Stone Roses frontman Ian Brown said he was a “great friend” and “great musician”.
In tribute to Ryder on Twitter, he said: “Rest in peace Ryder. A great friend, a great musician, a great guy, great love for Amelia, Jacob, Sonny, Chico and the family and band. I love you long, Pabs.”
Meanwhile, Tim Burgess, the lead singer of The Charlatans, touted him as a “pioneer and inspiration”.
He said: “I send much love to the Happy Mondays family – Paul Ryder was a pioneer and an inspiration to all of us who followed.
“He played on so many time-defining tracks. Listening to Bummed now. Safe travels.”
Oasis and Ride guitarist Andy Bell was among those who paid tribute, tweeting, “Really sad news about Paul Ryder, RIP.”
Together with his frontman brother Shaun, Paul co-founded the Happy Mondays in 1980 and the band got their signature rolling groove, present on hits like Step On and Kinky Afro.
The band was set to perform at the Kubix Festival in Herrington Country Park, Sunderland on Friday, but canceled following Ryder’s death.
The cause of his death is unknown.