Vichai Srivaddhanaprabha had “an immeasurable impact on English football”, according to former Leicester City manager Nigel Pearson.
Srivaddhanaprabha was one of five people who died in a helicopter crash at the club's stadium on Saturday.
Pearson won the Championship title at Leicester under Srivaddhanaprabha, before performing a successful rescue mission in their first season back in the Premier League.
He left the club in the summer of 2015, with Claudio Ranieri coming in to win the Premier League.
Pearson now manages Belgian side OH Leuven, also owned by Srivaddhanaprabha.
"It is with extreme difficulty that I write to express and offer my sincere condolences and support to the Srivaddhanaprabha and wider King Power family," Pearson said.
"His quiet yet authoritative aura, presence and personality have had an immeasurable influence on English football.
"The leadership and managerial processes he instilled and encouraged within Leicester City over a sustained period of time has borne fruit in such a way that people throughout the world witnessed the impossible by seeing a club win the Premier League in the most incredible circumstances.
"This most definitely ensured the belief that sporting miracles can happen. I have been privileged to manage both clubs owned by King Power, and at Oud-Heverlee Leuven in Belgium, have the task of building a club which can emulate King Power's success in England.
"My regret is that he will not see the fruition of his vision.
"On a personal level, a manager could not have wished for a better boss. I have, through both good and difficult times, been afforded an unwavering support which has been a huge motivator and, in personally difficult times, a huge comfort.
"His warmth, humour and generosity have always been extended to my own family, something for which we will all be eternally grateful for. I will miss his guidance and wisdom - and certainly his mischievous sense of humour and singular chuckle!
"Our thoughts, of course, must now be with Khun Vichai's immediate family, as well as the King Power family, and I'm sure the wider football world will offer some solace for his loved ones. I will miss 'The Boss'."
OH Louvain have postponed their next match. The Belgian second division club were set to play Lommel on Wednesday but have put off the game until December 4.