The plinth supporting the statue of Blues legend Kevin Beattie has been damaged, apparently by skateboarders.
The statue, which stands on Portman Road diagonally opposite Planet Blue, was unveiled in December last year.
Photos have been posted on social media of damage to the plinth with its use by skateboarders apparently the cause.
The engraved outer stone shell was donated by the East of England Co-op and crafted from port stone by H L Perfitts, a Co-op company.
Brad Jones, EADT editor, who chaired the statue appeal committee, told his newspaper: "Everybody in the community who contributed and played a part in making this happen will feel really upset and angry about this. I certainly do.
"It shows a complete lack of respect, and is so frustrating after all the hard work that went into the project.”
BBC Radio Suffolk's Mark Murphy, who presented Life's a Pitch with Beattie and TWTD's Phil Ham, said he was "so bloody angry”.
Ipswich Borough Council is now the owner of the statue and leader David Ellesmere says work to repair the damage will start soon with preventative measures also put in place.
"It has only just happened, but we need to look at something like a low-level barrier to prevent this kind of thing ever happening again,” he said.
"That statue means so much to so many people, we have to make sure it is kept safe.”