Police have confirmed that only five out of the 81 people that were on board survived the fatal crash.
The chartered aircraft, flying from Brazil via Bolivia, was carrying members of the Chapecoense team.
The team was due to play in the final of the Copa Sudamericana, against Medellin team Atletico Nacional.
The South American Football Confederation (Conmebol) said it was suspending “all activities”.
The Conmebol family greatly regrets what happened. All activities of the confederation are suspended until further notice.
Chapecoense issued a brief statement saying:
May God be with our athletes, officials, journalists and other guests travelling with our delegation.
It said it would refrain from any further statements until it had assessed the extent of the crash.
Later the team’s vice-president, Ivan Tozzo, told cable channal SporTV:
There are a lot of people crying in our city. We could never imagine this. Chapecoense is the biggest reason for joy here.
While Medellin’s Mayor Federico Gutierrez described it as “a tragedy of huge proportions”.
Conmebol said in a statement that its president, Alejandro Dominguez, was on his way to Medellin.
Originally six survivors were reported, but police later said one of those rescued had died.