Sir Paul McCartney was presented with an Ultimate Legend award by Bono at the MTV Europe Music Awards (EMAs) in the city tonight.
The superstar shouted 'Liverpool' as he walked on stage at the ECHO arena to receive his award following a moving tribute from the U2 star.
Bono said he was there to bestow the 'first, last and only MTV Ultimate Award'.
He said: "For someone like me who makes his living in rock and roll to be asked to say a few words about Paul McCartney is like asking a Catholic priest if he wouldn't mind stopping off in Rome to give an award to St Peter.
"This is the man who invented my job.
"On the way here Paul McCartney, who was driving the car, was pointing out every place in Liverpool he cycled, where he wrote songs, where he bunked school.
"It was like being in the Popemobile with the Pope driving.
Bono at the MTV Europe Music Awards
"In the universe of rock and roll, the Beatles were the Big Bang.
"Tonight is about how much Liverpool means to Paul McCartney and how much Paul McCartney means to Liverpool.
"From the Cavern Club, to the Liverpool Institute, to Penny Lane, this is the city where he was born and bred, this is the city that gave him his attitude and this is the city that gave him his inspiration.
"He paid that debt by putting images of Liverpool in the dream life of the world.
"So many talented and gifted people have featured in these MTV awards tonight.
"On behalf of all the artists in this room, I will tell you something, I think we all suspect, someday, when all of us are gone and this great hall is no longer here.
"In two or three hundred years from now we sense, we fear our names will be forgotten.
"There is one person here, in this hall tonight whose songs we know will be heard now and forever.
"His songs will continue to be sung, heard and played as long as humans care about beauty and longing.
"There is one person here tonight whose work is immortal. There is only one Paul McCartney."
The award recognised Sir Paul as one of the most formative influences on the global music scene and as a founding father helping Liverpool earn the recent accolade as Most Musical City in the UK.
Sir Paul said: "I don't know what to do after an introduction like that.
"What can I say?
"I want to thank my mum and dad, Jim and Mary. I also want to thank my brother Mike who is here tonight.
"I want to thank my mates, Ringo, George and John. Many years ago there were four little boys, born here in Liverpool, and we went on to do quite well.
"Thanks to all my family, to all you for coming along, to everyone in Great Britain, to everyone in America for voting in Mr Obama."
Around 10,000 music fans watched the awards ceremony and an estimated 30 million viewers are thought to have tuned in to watch on MTV's channels across the world including, for the first time, in the Middle East on MTV Arabia.
Pop star Katy Perry kicked off the night in all-American style riding atop a giant lipstick.
Dressed in an American footballer's kit, she performed her hit I Kissed A Girl.
The first guest performance came from R&B superstar Beyonce, with If I were a Boy, but it was the newly elected US president who drew the biggest cheers.
Jared Leto, from 30 Seconds to Mars, had the crowd standing in honour of the US President-elect Barack Obama.
Amid rapturous cheers, he said: "Liverpool, lets hear it for Barack Obama."
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