A spokesman for East Midlands Ambulance Service said they received a call at 20:38 local time to reports of the helicopter crash.
Polo-loving Vichai, 61, endeared himself forever to Leicester fans when the unfashionable club broke the grip of England's giants to win the Premier League in 2016 - the first top-flight title in their history. - A helicopter on Saturday crashed near the football stadium in the central United Kingdom city of Leicester, police said.
Andrew Brodie, Assistant Chief Fire Officer at Leicestershire Fire and Rescue Service, tweeted: "IMPORTANT: Energency Services are dealing with a significant incident @lcfc King Power stadium".
"We advise members of the public to stay away from the area while we deal with this incident".
"There were plumes of huge grey smoke pouring out of the wreckage outside the auto park, outside the stadium".More news: David Warner walks off mid-over in Sydney grade game after sledging
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According to Daily Mail, eyewitness said the helicopter took off as normal from the centre circle and was hovering over the south-east corner of the ground before spluttering and spiralling to ground and bursting into flames. The vehicle park is located just a few hundred metres away from where the pitch is.
Thai businessman Srivaddhanaprabha, who has poured millions into the club, often leaves the stadium in his helicopter, which takes off from the pitch, when he attends a Leicester home game.
A witness told Sky News: "I hope they're okay".
Leicester City released a short statement following the crash.
Leicester supporters quickly warmed to him after he bought the then second-tier Championship strugglers for an estimated 40 million pounds ($51 million) in 2010.
The Mirror report Schmeichel was in tears along with many others at the scene, with it now unknown if there were any casualties.