Kingsman died on Wednesday after coming off his jet-ski at South Stradbroke Island north of the Gold Coast.
Paramedics were called to the scene but he could not be revived.
Former Socceroos and Roar players Craig Moore and Danny Tiatto were with the 54 year-old at the time of the accident.
Moore attempted to resuscitate Kingsman while waiting for paramedics to arrive.
Brisbane Roar honoured their former club chief in a statement on Thursday.
"Brisbane Roar Football Club would like to pass on our sincere condolences and prayers to the family and friends of our former managing director, who has passed away," the club said.
Kingsman was Brisbane Roar CEO for 14 months after taking up the role in 2016.
However his time with the A-League club would have an acrimonious end when he was controversially sacked by the club as part of a "restructuring" process by their Indonesian owners the Bakrie Group in October 2017.
He went on to become CEO of East Coast Car Rentals.
The club will observe a minute's silence before their match against Perth Glory on Sunday, while players are expected to wear black armbands.
Tributes for Kingsman have been coming in on social media from across the Australian football community.
Perth Glory CEO Tony Pignata took to Twitter to express his shock and share his condolences.
"Very saddened and shocked by the passing of former Brisbane Roar MD Mark Kingsman. We shared man time together. Thoughts are with his family," he wrote.
