The "Pascual", as Cali's inhabitants usually call the stadium, replaced the now defunct Estadio Galilea which was located in the Versailles neighbourhood, where the first national athletics competition was held in 1928.

With renovations made for the 2011 FIFA U-20 World Cup in Colombia and additional suits and sky boxes, the stadium's capacity was reduced to 35,405 people.

President Alfonso López Pumarejo was present when the stadium was inaugurated with a quadrangular tournament among the countries of Argentina, Cuba, Mexico and Colombia.

With the appointment of Cali as host of the 1971 Pan American Games, in 1967 the stadium was restructured and adapted to Olympic standards of the time, and a 8-lane track developed in synthetic tartan, pit and spaces for shot put and hammer, long jump and pole vault were built.

On the occasion of the 1995 Pacific Ocean Games some physical renovations were approved, including its Synthetic Tartan track, which was replaced in its entirety according to the requirements for competitions to be held in 1995.

In 2000 further renovations were approved at its facilities, making special emphasis on the correction of structural and locational problems as well as a complete replacement of the grass playing surface and drainage, ahead of the 2001 Copa América.

The more traditional music event that takes place in the stadium is the Super Concert, in which different bands and invited singers perform at the annual celebration named Feria de Cali, which is held between the 25th to the 30th of December.

Juanes, Maná, Shakira, Soda Estereo, Marc Anthony, Gloria Estefan, David Gilmour and Roger Daltrey are some of the artists that have performed at the stadium.

Access from the South or North of the city is Fifth Street, which passes a backbone of Mass Transit System MIO and has a station right in front of Parque de las Banderas.