The Addition Financial Arena is owned by the university, and is managed by Oak View Group.

While basketball moved into the new arena, the men's and women's volleyball teams continue to play their regular-season games at the Venue.

The Venue's upper deck also serves as the Men's and Woman's basketball teams' practice facility courts.

A new arena was built 2007, as part of a larger project to create an athletic village known as Knights Plaza.

Beginning in 2008, the grounds around arena hosted "Light Up UCF", a holiday celebration that features an outdoor ice skating rink.

[9] In October 2008, the Addition Financial Arena was home to one of the largest Presidential Debate Watch Parties ever.

Lupe Fiasco actually acknowledged that the debate would be shown after the show and encouraged the attendees to stay and watch it because of the significance of the election.

Addition Financial Arena has increasingly been used in recent years as an alternative to the much larger Amway Center in downtown Orlando.

On August 18, 2022, UCF announced that Addition Financial had extended their naming rights for the facility through 2034.

[16] Addition Financial Arena has hosted concerts by high-profile musicians such as Lady Gaga, Katy Perry, Elton John, Drake and more.