"It is with the deepest regret and a collective broken heart that we confirm our chairman, Vichai Srivaddhanaprabha, was among those to have tragically lost their lives on Saturday evening when a helicopter carrying him and four other people crashed outside King Power Stadium", a club statement said on Sunday.
Prince William, the Duke of Cambridge, was among the most high-profile figures to express his condolences over the weekend, saying in a statement that he was "lucky enough to have known Vichai for several years".
The statement said: "The primary thoughts of everyone at the club are with the Srivaddhanaprabha family and the families of all those on-board at this time of unspeakable loss".
Two pilots and a fifth person whose identity was not immediately known, the source said on Sunday.
The crash sparked emotional scenes in Leicester, the East Midlands city whose devoted soccer fans will forever be grateful to Vichai for bankrolling not only the club's first title in the world's foremost soccer league, but one of the most incredible stories in world sports history.
Police named the four other victims as Nursara Suknamai and Kaveporn Punpare, two members of Vichai's staff, pilot Eric Swaffer and passenger Izabela Roza Lechowicz.
A book of condolence will be open from 8am tomorrow morning at the King Power Stadium for fans to pay their respects.
Shilton, who was born in Leicester and made over 300 appearances for the Foxes between 1966 and 1974, said the city "will be in mourning for a long time".
The 60-year-old Thai businessman was on board his personal helicopter, which lost control and crashed in a vehicle park at the King Power Stadium, following Saturday's 1-1 draw with West Ham.More news: Fine finish keeps Finau in front as Rose wilts at HSBC Champions
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The helicopter spiralled out of control outside the King Power stadium at 20:30 BST.
The Foxes' EFL Cup game with Southampton on Tuesday night has been postponed.
While many foreign owners have been viewed with suspicion by their English club's fans - for reasons such as a lack of respect for supporters or their club's traditions - Vichai was held in the highest regard by the Leicester faithful.
The Air Accident Investigation Branch (AAIB) is leading the investigation into how the Agusta Westland AW169 helicopter crashed in what is believed to be the first accident involving an AW169 aircraft.
Leicester had just played out a 1-1 draw with West Ham in the Premier League.
The following season saw Leicester embark on a highly successful run to the UEFA Champions League quarter-finals. Chatworachet Sae-Kow, a Leicester City fan in Bangkok, explained how much the success of the club under Vichai's leadership meant to the country.
Vichai has been praised for his charity work, donating 2 million pounds ($2.5 million) toward a new local children's hospital, and he often provides free beer and food for fans outside stadiums.