Palmer reportedly collapsed after he complained of heart palpitations and feeling faint towards the end of Gold Coast's 1-0 win over Brisbane at Suncorp Stadium.

Paramedics were called to his corporate box and he was given oxygen before being taken to hospital for further tests.

However a statement from the club said mining chief Palmer, worth more than $5 billion, was fine...and had just suffered heartburn.

Gold Coast United CEO Clive Mensink said: "Clive was feeling unwell after the game at Suncorp Stadium this afternoon and was taken to hospital as a precaution.

"The doctors have checked him over and he is doing fine. He will stay in overnight for observation, but he is sitting up and chatting as normal.

"During our chat at the hospital Clive said he was well and it was just a case of heartburn. He was more concerned with the performance of Gold Coast United, saying he was very proud of the way the team performed today."

Mensink added: "Further statements will be issued as required, however, we respectfully ask that Clive and his family be allowed their privacy until further information comes to hand."