Mr McKnight, aged in his 50s, was from Hillsborough, County Down.
He was alone in the a two-seater aircraft when it crashed just off the runway at shortly before 11:30 BST.
He was taken to the Ulster Hospital in Dundonald where he was pronounced dead.  An air accident investigation is continuing into the cause of the crash.
The airfield is operated by the Ulster Flying Club.
The man who died when his light aircraft crash landed at Newtownards airfield, County Down, on Tuesday has been named locally as Stephen McKnight.