A bronze statue of Tom Benson now overlooks Champions Square from the steps to the Superdome.
"I never did think this would happen," a sobbing Benson said. "I'm so pleased."
The statue, sculpted by Brian Hanlon who designed and sculpted the Steve Gleason statue, depicts the owner of the Saints holding the Lombardi Trophy.
Governor Jindal, Mayor Landrieu, Sean Payton and Drew Brees were among those in attendance.
"What he has accomplished as an owner is much bigger than a hunk of metal," Payton told reporters.
The combined height of the statue and its pedestal is 17 feet.