Former South Australian premier and treasurer John Bannon has died after a long illness, aged 72.

He passed away on Sunday in hospital, surrounded by his family.

The former Labor premier had a colourful life in the public eye.

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He served as a minister under the Dunstan government and went on to lead South Australia as premier and treasurer for a decade, before retiring in 1992.

He brought the Grand Prix to South Australia, before the event moved to Melbourne in 1996.

He also led South Australia during the infamous State Bank collapse in 1991.

Tributes have been pouring in on social media for the late politician.

In a statement, Premier Jay Weatherill said Mr Bannon was a great friend and mentor and said he was deeply saddened by his passing.

“It is my sad duty to inform the public that former state premier John Bannon passed away today in hospital, surrounded by his family,” Mr Weatherill said.

“As many people know, John bravely fought severe illness for many years.

“John was the Labor Party’s longest serving state premier. He served South Australia with great distinction and integrity.

“As one example of his love of this state and his deep personal conviction, he had been serving on an expert panel advising the state and national governments on reform of Commonwealth-State financial relations – right up until his passing.

“On a personal level, I regarded John as a great friend and mentor and I am deeply saddened by his passing, as are so many of his friends and former colleagues in the South Australian Parliament.”

Mr Weatherill has offered Mr Bannon’s family a state funeral.

-ABC