The helicopter spiralled before crashing into the ground and bursting into flames in the club’s car park following their 1-1 draw with West Ham on Saturday.
Emergency services scrambled to the scene and shocked onlookers were asked to leave.
Leicester police said in a statement: “We are dealing with an incident in the vicinity of the King Power Stadium. Emergency services are aware and dealing.”
Srivaddhanapraba, who owns sponsors King Power, has been owner of the club since August 2010 and is worth an estimated £5billion.
Under his stewardship, the Foxes claimed a shock Premier League title in 2015-16, before embarking on an historic first-ever Champions League campaign.
He gets picked up by helicopter from the pitch after every Leicester home game.
Eyewitnesses said they could see the helicopter struggling in the air, before going into a tailspin.
One onlooker 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.”
Another distraught Foxes fan spoke to Sky Sports as emergency services continued to work.
He said: “We were in car park the facing the king power.
“There were lots of fire engines and my nephew was in a state of shock.
“It spiralled out of control, dropped in a second and burst into flames.
“It’s awful. Our hearts go out to the chairman and his family.”
More to follow