The helicopter, that belongs to Leicester owner owner Vichai Srivaddhnaprabha, crashed to the ground before going up flames as it left stadium after the 1-1 draw with West Ham.
Mr Srivaddhanapraba, a Thai businessman estimated to be worth £5bn, is the owner of the club and chairman of the sponsors King Power.
Eye witnesses reported seeing the helicopter struggling in the air and only just clearing the stadium roof before plummeting to the floor.
Emergency services were scrambled to the scene and shocked onlookers ushered away as ambulances and fire fighting crews raced to the scene.
A Leicester City spokesman said:“We are assisting Leicestershire Police and the Emergency Services in dealing with a major incident at King Power Stadium.
“The Club will issue a more detailed statement once further information has been established.”
One eye witness said: “I saw it all. It was clearly in trouble and only just managed to get over the stadium before it started whirling around and coming down.”
It is not known whether the owner son, a fellow Leicester director was in the helicopter.
Kasper Schmeichel 'rushed out with security'
One man, who wished not to be named, but has had a season ticket for over 40 years, said:
“I saw Kasper Schmeichel run out first and then loads of security guards and stewards.
“I was stood outside the ground but it crashed on the other side.
“I hope everyone is OK.”

Statement from the East Midlands Ambulance Service
“We received a call at 8.38pm on 27 October to reports of a helicopter crash in the car park of King Power Stadium in Leicester.
“We have sent a doctor in a car, two paramedics in ambulance cars, a crewed ambulance and our Hazardous Area Response Team, with the first resource arriving within two minutes of the call.
“We are currently working with our colleagues in Leicestershire Police and Leicestershire Fire and Rescue Service at the scene.
“We advise members of the public to stay away from the area while we deal with this incident.”

Leicestershire Police have just issued a brief statement on their website
It reads:“Emergency services are currently dealing with an incident at the King Power Stadium, in Leicester, after an aircraft came down in a car park behind the ground earlier this evening.
“Officers are working alongside the ambulance service, Leicester Fire and Rescue Service, the Air Accident Investigation Branch and Leicester City Football Club to establish the exact circumstances of the collision.
“Further updates will be issued in due course.”
Vichai Srivaddhanaprabha: Leicester City owner in profile
Vichai Srivaddhanaprabha’s helicopter has been involved in a crash outside of Leicester City’s King Power Stadium.
Emergency services, including police cars, ambulances and security, were quick to rush to the incident.
But who is the man whom Leicester City fans and many people within the city have taken into their hearts since his purchase of the club in 2010?
Eye-witness accounts
Eye witnesses have told Mirror Sport that the helicopter took off as normal, but as it reached a height of approximately 200 feet, made it over the stadium stand only to go into a tail-spin and crash into the car park on the south-west corner of the stadium, near the staff car park.
One eye witness said:
“I saw it all. It was clearly in trouble and only just managed to get over the stadium before it started whirling around and coming down.”
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