Following touching words from Rev David Wright, Laurie Dalrymple and Jonathan Hayward, a 10ft effigy of the club’s former owner was revealed to supporters and members of the press.
Sir Jack’s stance derives from his greatest day in football, when he watched his beloved Wolves earn promotion to the Premier League via the Play-Offs in 2003.
Sir Jack’s son, Jonathan was touched to have his dad permanently honoured outside the stadium which was so close to his heart.
“I think he’d be astonished and humbled,” he said. “His two huge heroes in life are around the corner in Billy Wright and Stan Cullis, and he’s now the third member of the very exulted group.
“I got a little bit emotional at the end of my speech about the enormity of what we were doing today. It’s a great privilege to be here, thank you to the club. It’s a very special day.
“I’m delighted, I think it looks fantastic. It brings out his personality, his sense of humour.
“When people come off the train or under the underpass, Dad is the first thing people are going to see when they come into the area. Hopefully it’s a wonderful start to a match day and a big thumbs up when you go by.”
It was fitting Sir Jack was remembered on the day another new chapter was opened for Wolves, with the release of the Premier League fixtures.
Club captain, Danny Batth was present at the opening ceremony, representing the current squad, and he feels it’s a fitting way for the club to show their appreciation.
“Everyone knows how much he’s done for the Academy,” Batth said. “The training ground and the stand are named after him. It’s a great mark for a man who deserves it and it’s a nice way for us to repay our thanks.
“The current players know what he’s done for the club and for the city. To represent the players is great. The statue will be here for years to come so people can pay their respects and enjoy what it means.
“I was delighted to come along. It’s a big part of the club and city's history,” he said.
Supporters are now welcome to visit Sir Jack’s statue, which is located between the Steve Bull and Sir Jack Hayward Stands outside Molineux.
