BBC News reported that Mr Heselden died when a Segway scooter he was driving around his Thorp Arch estate plummetted from a clifftop into the River Wharfe. Ironically he had bought the US Segway firm last December.
Heselden, who originated from East Leeds, worked his way up from a redundant Miner in the 1980's to one of the 400 richest people in the UK.
His firm Hesco have poured money into the club through sponsorship down the years but became more prominent in the summer by taking over the East Stand sponsorship.
He is also believed to have made donations of around £20m down the years to local charities, including the Leeds Community Foundation. He was also a big supporter of the "Help for Heroes" campaign.
As a mark of respect, the players will wear black-armbands when United face Preston on Tuesday night.