Ilgauskas was introduced by current Cavs owner Dan Gilbert, but made sure to thank former team owner Gordon Gund.
“Thank you Mr. Gund, for believing and never giving up on a skinny Lithuanian kid who spent his first few years in Cleveland walking more on crutches than he did on his own two feet,” Ilgauskas said.
LeBron attended the ceremony, as the Heat were off on Saturday, along with former Cavs teammates Delonte West and Daniel Gibson.
Ilgauskas was selected by the Cavs in the first round in 1996 and played 12 seasons with the franchise. He finished his career in Miami during the 2010-11 season, playing his 13th and final season with LeBron. The 7-foot-3 Lithuanian averaged 13.0 points and 7.3 rebounds for his career.
Ilgauskas, 38, is the seventh Cavaliers player to have his number retired, joining Austin Carr (34), Brad Daugherty (43), Larry Nance (22), Mark Price (25), Bingo Smith (7), and Nate Thurmond (42).
Ilgauskas hold Cavs franchise records of most games played, rebounds and blocks.