Business executives and hockey fans came together Monday morning in Ottawa for the announcement of a monument to the Stanley Cup and the man who dedicated what has become the most storied trophy in sports.

The monument to Lord Stanley of Preston, the governor general of Canada, will be located on city-owned land near the intersection of Sparks and Elgin streets -- not far from where the idea of what would become the Stanley Cup originated."This is the perfect location," said Paul Kitchen, hockey historian and president of the Lord Stanley Memorial Monument Committee. "The monument will be located across from the site of the former Russell House Hotel where the Governor General's announcement of the Stanley Cup was made, and one block south of the East Block of the Parliament Buildings where Lord Stanley maintained an office. This presentation by Lord Stanley was an iconic moment in our Canadian sporting history and this project will inspire pride in all Canadians."The committee said it is targeting an unveiling date of March 18, 2017, which would mark 125 years to the day when Lord Stanley of Preston, Canada's sixth governor general, donated the trophy to be awarded annually to the country's top hockey team.The National Hockey League assumed control of competition for the Stanley Cup beginning in 1926.A statement released by the monument committee read, in part: "It was here in Ottawa in 1892 that the promise of a cup -- emblematic of hockey and sporting excellence in Canada -- was conceived."Today, the Stanley Cup is one of the world's most recognizable and cherished trophies and an enduring historical symbol of the spirit of competitive play."The monument committee plans on holding a design competition, and Kitchen said the winner would be determined by internationally recognized experts. Sponsors and donations are expected to cover the cost, which some reports have indicated to be in the range of $7 million to $8 million.