David Baddiel apologized in person for making fun of him on television.
During the 1990's TV show Fantasy Football League, Mr Baddiel wore blackface.
He apologized to Mr Lee's face while on the footballer's show.
Mr Baddiel produced a documentary on anti-Semitism.
Mr Lee was a member of the team that finished third in the premier league in 1994.
He scored more than 100 league goals in a career that lasted more than two decades and is now working with the Professional Footballers' Association on equality and diversity.
Mr Lee said it was important to have an in-person discussion so he could share how the abuse had affected him.
He said it meant a lot. I'm dragged into conversations whenever he's speaking or people want to talk about that time.
I don't think any of it counted for me because I didn't have that face-to-face discussion.
He's apologized a number of times, but unless you're looking at someone in the eye, it's not going to make a difference.
It has taken a long time, but to have David come in, on my terms, into my studio and take some ownership of that conversation was really important.
The original run of Fantasy Football League ended in 1996, but Mr Lee said he had been abused after his career ended.
He said having the conversation with Mr Baddiel was beneficial to both of them.
He said that giving is a good thing.
I think his body language, the anxiety he had to suffer to come and meet me was genuine.
It's a full-time job for me and you have to give people the chance to say they're sorry and move on.
Forest manager Steve Cooper was mocked for his appearance as a result of the revived Fantasy Football League on Sky.
The quick apology from Sky Sports shows that there have been some learnings from the show's previous era, but Mr. Lee said any scrutiny should not just fall on the presenting team.
He said that people needed to be held accountable.
"You're all part of a production team, you need someone to step in and say 'hold on a minute, maybe you're crossing the mark, you're going too far'."
Mr Lee encouraged companies to train their employees in diversity.
He said that it is worthwhile if it can ensure that you don't make a grave error in the workplace or upset someone.
It wasn't being done back in the day, but at least it is being done.
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