David Taylor, from Sheffield, died in hospital on Saturday evening, said the Manx Motor Cycle Club (MMCC).
Mr Taylor was taking part in his first Manx race since 2012 and crashed on the final circuit at Brandywell on Friday.
MMCC chairman Harvey Garton paid tribute to the rider, saying: "David was a well respected person and rider who was liked by all."
He added: "His enthusiasm for the Manx was well known, and, due to this and his attitude to riding the Mountain Circuit, the MMCC appointed David as one of its ambassadors - a role which he took to with his usual great enthusiasm.
"He had missed being at the Manx since 2012 and looked forward to riding again this year.
"David will be missed by all involved with the MGP and our thoughts and prayers are with his family and friends."
One of the other two riders who crashed in the same race remains critically ill in hospital, while the other has been discharged.
The Coroner of Inquests has been informed and an investigation into the circumstances of the accident is under way.
One of three motorcyclists who crashed in the Senior Manx Grand Prix has died, race organisers have said.