"Words cannot begin to express our sorrow," Keith Gill, the school's athletic director, said in a statement about the deaths. "We are all stunned by the tragic news. Our thoughts and prayers go out to their loved ones."
The balloon was registered to Daniel Kirk at an address in the Dover, Delaware, area. His company's website said he had been a hot air balloon pilot for more than 20 years and had a commercial balloon pilot license issued by the Federal Aviation Administration.
Lewis just completed her second year as director of basketball operations for the women's team, according to a profile on the university's website. The Buffalo, New York, native was a four-year letter winner and two-time captain of the Spiders' swim team.
Lewis was "an amazing person and a strong person, an athlete engaged to be married," according to family spokeswoman Julie Snyder.
Doyle, who graduated from Richmond in 1992 after a standout basketball career, served on the team staff for 16 years after that including nine winning seasons. She earned all-conference honors twice as a player.
"As alumnae, classmates, and colleagues and as invaluable and devoted mentors for our student-athletes Ginny and Natalie have been beloved members of our community," university president Edward L. Ayers said.
The university canceled two weekend baseball games and held a moment of silence at commencement Saturday for its law school.
Amber Battle, who will be a senior next season, said from her home in Apex, North Carolina that her coach, Michael Shafer, was keeping the team updated via text messages.
He told them that he was also at the balloon festival.
"I just can't believe this happened," she said.
Witnesses to the crash described a harrowing sight on the special preview night for the Mid-Atlantic Balloon Festival, which was set to open Saturday. The festival was canceled. About 740 people attended the preview event.
On the ground, "It was complete silence," spectator Nancy Johnson said. "There were people praying. It was horrible."
The balloon was among 13 that lifted off Friday night from Meadow Event Park, home to the State Fair of Virginia, and was approaching a landing site nearby. Two of the balloons landed safely before the third hit the live power line, according to police.
The pilot attempted to retain control of the balloon and snuff the fire and two passengers either jumped or fell from the gondola, state police spokeswoman Corinne Geller said.
"Then witnesses recall hearing an explosion and the fire continued to spread," Geller said.
She said another pilot interviewed by investigators described how the pilot tried to open vents to release extra-hot air in an attempt to keep the balloon from rising faster.
"Based on witness accounts, he did everything he could to try to save the passengers' lives," Geller said.
The National Transportation Safety Board is also investigating the crash.
Troy Bradley, past president of the Balloon Federation of America, said most serious accidents on balloons including fires, electrocution or baskets becoming severed happen after hitting power lines. Most of the time it's due to pilot error, he said.
Fatal accidents happen less often than with other types of aircraft, Bradley said.
"Hundreds of thousands of flights will go without any notice. That one that hits the news gets all the attention, but ballooning is a very, very safe form of aviation."
Twenty balloonists from the Mid-Atlantic region had been scheduled to participate in the weekend festival, said Greg Hicks, a spokesman for the venue.
Johnson, who went as a spectator to the festival with her husband, photographed the balloon after the accident. She said the crash near the park about 25 miles north of Richmond occurred in an instant.
"One minute the balloons were hovering in a field behind Event Park, the next everyone is pointing at the sky," she said.
Carrie Hager-Bradley said she saw the balloon in flames on her way home from the grocery and heard people yelling.
"They were just screaming for anybody to help them," she told WWBT TV.
Associated Press writers David Koenig in Dallas and Steve Szkotak and Hank Kurz Jr. in Richmond contributed to this report.