The Foxes owner died last Saturday with four others when his helicopter crashed outside the King Power Stadium.
"I was on the pitch and I waved him off", said Schmeichel, before he flew with teammates and coaching staff to Bangkok to attend Vichai´s funeral.
He continued: "I saw it all happen".
Leicester City's players travelled to Bangkok to attend Vichai's funeral after their match with Cardiff City last night.
The Denmark worldwide has since played more than 300 games for the Foxes and was a huge figure in Leicester's 2015-16 title-winning season, when they triumphed despite having odds of 5,000-1 at the start of the campaign.
An emotional minute's silence was held prior to Leicester's game with Cardiff, which Schmeichel admits was hard to get through.
"We were very close to the chairman", Leicester captain Wes Morgan said.
Leicester City footballers have visited a Thai temple to pay their respects to Vichai Srivaddhanaprabha, the club's late owner.
This club was in a precarious situation and to build what he has built is quite incredible.
Leicester goalkeeper Kasper Schmeichel: "That was a tough game not just on the pitch but mentally".
The Leicester players and staff also paid tribute to their former owner with the club's travelling fans after the final whistle.
While Probert was correct to apply the law, I feel that in exceptional circumstances such as this referees should be able to manage situations and use some common sense.
"Demarai Gray was booked for taking his shirt off. which really took the gloss off it a little but it was very poignant, very emotional", Tanner said.
"It doesn't matter who you are or what kind of position you have at the club".
Demarai Gray produced a sharp finish to score the victor midway through the second half, a goal that sparked wild celebrations in front of the 3,000 traveling fans.
"It was a hard game to play and to prepare, it was important to keep concentration in set pieces and second balls, but I think from the first minute until the end we kept our concentration and our dedication", he told Sky Sports. It is till date one of the greatest sporting stories we will ever witness and the man who made it possible is no longer with us.
Leicester held on to win 1-0, a result we were all kind of hoping and rooting for - bar Cardiff fans, naturally.