Power made the shock decision to hang up the boots after coach Michael Voss could not guarantee the 31-year-old a contract next season.
Like the rest of his Lions teammates, Black found out about Power's decision an hour before running on to the Gabba to play West Coast.
Power said he only decided on the morning of the match after a sleepless night wrestling with his future.
"Everyone was extremely sad and shocked I've got to say … we still firmly believed Luke's got plenty to contribute to our footy club " Black said
Power said he had no grudges, but after talking to Voss, his decision was a clear one.
"I realised the club's priorities and my priorities weren't along the same line, but at the end of the day it was a mutual decision," Power said.
"I'm not leaving with anything but praise for Vossy and the football club. I love this club and everything to do with it. It's been like a family for me for 14 years."
Black - who played in the 2001, 2002 and 2003 premierships with Power - said his mate would be remembered as a club great.
"It's always a big loss when you lose a person with great character from the footy club and there's no better person I've met in football as far as character goes than Luke Power," Black said.
"He's done a lot for our club on and off the field. He's the guy that regularly goes and does the hospital visits and never wanted any recognition for it, he's that sort of person. He's just a great character."
