London 2012 Olympics chief Lord Coe, a graduate and pro-chancellor of Loughborough University, was also honoured at the Sports Personality of the Year event.
The former Olympic middle-distance runner and MP won the Lifetime Achievement Award for his contribution to UK sport.
The award recognised not only his career as an athlete, during which he won four Olympic medals including two golds, but also his leadership in the organising of the London Olympic and Paralympic Games.
He was presented with the award on Sunday night by the Duchess of Cambridge.
A Loughborough University spokesman said: "We are delighted that Lord Sebastian Coe has been recognised with the Lifetime Achievement Award.
"Lord Coe is one of the greatest advocates of the university, alongside being a leading figure for sport in the country.
"It is fitting that he has received the award this year, after playing such a pivotal role in ensuring the successful staging of the Olympics and Paralympics."
Lord Coe studied economics and social history at Loughborough in the 1970s and was made an honorary doctor of technology in 1985. He is also a member of the university's governing body.
