The incident occurred after the Premier League match between Leicester and West Ham, which finished 1-1, and eyewitnesses have said that police, emergency services and security were seen rushing to the scene.
He said that after a few seconds it appeared to lose control and crashed into the auto park just a few hundred metres away.
The news broke as BT Sport were analysing the day's events in the Premier League and the early news from the stadium is hazy, with reports suggesting that the helicopter crashed shortly after take-off.
Srivaddhanaprabha leaves the stadium by his helicopter, which lands in the centre circle on the pitch, after every Leicester home game.
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Vichai Srivaddhanaprabha is believed to be the only family member who attended the 1-1 draw on Saturday night. "Emergency services are aware and dealing", read a police statement.
"I hope they're OK". It hit the ground with a big bang then burst into flames.
East Midlands Ambulance Service NHS Trust tweeted: "We are also in attendance and will update when possible".
Srivaddhanaprabha bought Leicester in 2010 and became chairman the following February.