Phillip Carter was described as an inspirational leader by colleagues
Phillip Carter, his son Andrew, 17, close friend Jonathan Waller, and pilot Stephen Holdich were in the Twin Squirrel aircraft.
Police confirmed four bodies were found in the wreckage just a mile from Mr Carter's home.
The aircraft was found virtually intact at Wansford, near Peterborough, Cambs.
The bodies are expected to be removed from the crash scene overnight and transferred to a hospital in Cambridgeshire where they will be formally identified and post-mortem examinations carried out.
PHILLIP CARTER FACTS Founder of training firm Carter & Carter The company is now worth more than £500m Held shares worth £100m in Carter & Carter The company employs more than 500 people One of eight honorary vice presidents of Chelsea FC
Mr Carter, his son and Mr Waller were reported missing after failing to return from watching Chelsea play Liverpool in the Champions League semi-final game at Anfield.
Mr Carter is founder of firm Carter & Carter, and one of eight honorary vice presidents of Chelsea Football Club.
His firm specialises in vocational training, and employs more than 500 people in Nottingham.
In a statement Carter and Carter Group Plc said: "Our thoughts and condolences are with Phillip's wife, Judith, daughter Natalya and the family and friends of all those involved in this tragic accident."
Stephen Holdich had flown the businessman more than 70 times
Colleagues at the company's Nottinghamshire base described the UK Entrepreneur of the Year 2006 as an "inspirational leader".
Andrew Carter, 17, went to Stamford School, in Stamford, Lincolnshire where he was in his second year of A-levels.
The helicopter was piloted by Stephen Holdich, co-owner of operating company Atlas Helicopters, of Hampshire, a company spokeswoman said.
Mr Holdich, 49, who lived in Chidham, West Sussex, but was originally from Peterborough, had flown Mr Carter on more than 70 occasions over the past four years, his company said.
'Looking forward to match'
Jonathan Waller, 42, a debt collector from Market Deeping, Lincolnshire, was also on board the aircraft.
The party had been expected back at Mr Carter's house at about midnight on Tuesday.
The group was travelling in a Twin Squirrel helicopter
The aircraft took off from John Lennon Airport, Merseyside, at 2300 BST on Tuesday and the last contact was made with it just under two hours later.
The helicopter had been due to land in Thornhaugh, west of Peterborough, where Mr Carter lives.
According to Civil Aviation Authority records, he is the joint owner of a twin-engined helicopter that is registered to his home address.
The incident has revived memories of a 1996 crash which killed Chelsea's vice-chairman Matthew Harding and four other men as they returned from a Bolton Wanderers match.
A Twin Squirrel helicopter.

Police earlier released a statement reporting that a private helicopter carrying several people had vanished following the Champions League football semi-final between Liverpool and Chelsea at Anfield stadium.

The helicopter left Liverpool's John Lennon Airport on Tuesday night at around 11pm, and was heading for a private landing site near Peterborough, Cambridgeshire when it vanished.  It is believed to have left radar screens at around 12.30am.

A police spokeswoman said: "Details are sketchy at the moment.  The helicopter, we believe, had about four or five people on board and was a twin-engine Twin Squirrel.  It left John Lennon Airport in Liverpool at about 11pm and was on its way to a private address near Peterborough.  It appears to have disappeared off the radar. At the moment we are trying to find out more. The best case scenario is that it has made an emergency landing somewhere."

The wreckage of the helicopter was found in woodlands near Wansford, in Cambridgeshire.  The pilot has been named as Stephen Holdich, co-owner of operating company Atlas Helicopters.

Also on board were Jonathan Waller and Phillip Carter, as well as other people yet to be named.  It is believed one of the others on board was Mr Carter's teenage son, Andrew.  It has been released that the people found on board are deceased.  

In 1996 Chelsea vice chairman Matthew Harding was killed when his helicopter, also a Twin Squirrel, crashed while returning from a match against Bolton Wanderers.