He oversaw the building of the National Football Centre near Burton-upon-Trent, which opened in October, while he was chairman of Ipswich for 13 years from 1995 to 2008.
Sheepshanks, who is also honoured for charitable services in Suffolk, was appointed chairman of the Football League in 1997 and has been involved with the Football Association, UEFA and FIFA.
Pat Rice, who retired as assistant manager of Arsenal at the end of the 2011-12 Barclays Premier League season, is awarded an MBE for services to sport.
The 63-year-old made more than 400 appearances for Arsenal, helping the club win their first league and FA Cup double in 1970-71, while he also won 49 caps for Northern Ireland.
Rice became assistant to Arsene Wenger in 1996 and played a part in two more doubles and the unbeaten league season of 2003-04.