Leicester City owner Vichai Srivaddhanaprabha was on board his helicopter when he crashed into the King Power Stadium, according to a source close to the club.
He was one of five people on board along with two pilots, but was incorrect.
The identities of the other people are not known. It is unclear whether there are any survivors.
Thai billionaire Srivaddhanaprabha had watched the Foxes come from a goal down to draw 1-1 against West Ham in the Premier League in Saturday's late kick-off.
He is regularly picked up from the stadium by his chopper, which lands on the center of the circle before taking off after the full-time whistle.
However, it is difficult to reach a spin after reaching a height of approximately 200 feet.
It slammed into the concrete in a club car park and was soon engulfed in a ball of fire.
Aiyawatt Srivaddhanaprabha, Vichai's son and fellow Leicester City director, was confirmed.
Leicester are here to make a statement on Sunday, but did not leave a brief update on Saturday night.
A spokesman said: "We are assisting Leicestershire Police and the Emergency Services in dealing with a major incident at King Power Stadium.
"The Club will be issued with more information.
Former Leicester goalie and England legend Peter Shilton witnessed the crash.
His wife Stephanie, 50, said: "We are both in shock on our way home.
"We do not know what has happened." "It's the best thing we've got."
One of the security workers at the stadium said: "The helicopter set off and just came straight back down.
"People were worried it might not have been the owner aboard but other family members.
"It went up to the top of the stadium and started whizzing around. The tail lights just started spinning – all you could see them going round and round.
"Then it hit the floor straight away and burst into flames. It was unexpected. None of the security staff expect to see this sort of thing.
"It was just utter carnage.
"We train for this thing but it just happens. Everyone is in utter shock. Everyone is shaken up. "