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The billionaire Vichai Srivaddhanaprabha has been confirmed by the Premier League club, but it is known to be one of the most important companies in the world.
Leicester City released a short statement confirming that a "major incident" had occurred, and that it was assisting police.
"We are assisting Leicestershire Police and the emergency services in dealing with a major incident at King Power Stadium," the published statement said.
"The Club will be issued with more information.
Leicestershire Police said they are investigating the incident, as pictures and video spread of flames leaping from the crash site.
"Emergency services are currently at the King Power Stadium where an aircraft cam down behind the ground," Leicestershire police tweeted. "Inquiries to establish the exact circumstances of the collision are ongoing."
British media reported that fighting the helicopter in the air before it fell.
"I hope they're OK," one witness told Sky News. "Do not seem like they have a lot of luck." Just burst into flames.
Srivaddhanaprabha bought the club for $ 57 million in 2010 and was promoted to the Premier League in 2014. In 2016, the club achieved the first-ever unhinkable feat of winning the premiership.
It went into the 2015-2016 season with odds of winning 5000-1 to win stunned fans, and bookmakers, by taking the title.
Srivaddhanaprabha's ownership. The businessman has won over by the fans, and cupcakes in the stands.
His helicopter was a familiar sight at the Leicester stadium, landing in the middle of the ground to ferry his owner to and from home games.
The Thai is # 388 on the Forbes' billionaire list, with a net worth of $ 4.9 billion. He made his fortune through the creation of the King Power chain of duty-free stores, Thailand's largest. Srivaddhanaprabha's company sponsors the team's stadium.
Leicester City drew 1-1 against West Ham on Saturday night.
Several Leicester players tweeted their condolence. Striker Jamie Vardy and Harry Maguire defender tweeted the "praying hands" emoji.
Soon after the match ended, West Ham tweeted: "The thoughts of West Ham are at Leicester City at this time."
Some of its players also extended their sympathies. Defender Pablo Zabaleta said: "My thoughts and prayers are with those involved in the accident helicopter at Leicester City."
"Leicester," said his teammate, Declan Rice, "Horrendous scenes at the king power tonight, my prayers & thoughts.
Premier League club Arsenal tweeted: "We're saddened by tonight's incident and we're all thinking of you at this difficult time."
