The process of renaming the stand, which has stood since 1925, had begun well before Warne's passing in March, 2022. The stand was formerly named after Australian rules footballer Kevin Murray who has supported the change. Murray's name now adorns a stand at Brunswick Street Oval in Fitzroy in Melbourne's northern suburbs.

The MCG named its southern stand after Warne at his state funeral in 2022 but the process to get the heritage listed stand renamed on the western side of Junction Oval in St Kilda, a suburb just south of Melbourne's CBD, took far longer.

Warne's father Keith and his two daughters Summer and Brooke attended the unveiling, which took place before Victoria took on New South Wales in a One-Day Cup match at the Junction Oval. Australia Test captain Pat Cummins, and a host of Australian players including Steven Smith and Glenn Maxwell, attended the ceremony before playing in the game. Some of Warne's former Australia, Victoria and St Kilda teammates were also in attendance at the unveiling.

Cricket Victoria have also unveiled a Shane Warne exhibition in the foyer of their administration and high performance centre at the northern end of the ground. The exhibition features memorabilia from Warne's career, with a lot of it supplied by his father, and is free to visit.

"Today marks a very special and proud day for the Warne family to have a stand named the Shane Warne stand here at the Junction Oval is a wonderful tribute to Shane, who we know would be honored to be chosen for such an accolade," Keith Warne said at the unveiling.

"In February 1991 he made his first-class debut playing for Victoria against Western Australia here at the Junction Oval. Some of Shane's most enjoyable early cricketing years were whilst playing with his beloved St Kilda, especially when the matches were played here at the Junction Oval. As proud as Shane would be to know a stand at the Junction Oval bares his name, he would also be thrilled to know that he will now be forever linked with St Kilda Cricket Club and the Junction Oval. On behalf of her family, I'd like to thank Cricket Victoria and St Kilda Cricket Club for their support in honouring Shane with such a wonderful tribute, further enhancing Shane's incredible legacy."