It replaced Sports-Concert Hall Almaz as the home of Russian ice hockey team Severstal Cherepovets.

It was first announced by the governor of the Vologda Region Vyacheslav Pozgalev at the opening of the hockey season on September 12, 2003 after Severstal's victory over Metallurg Novokuznetsk.

The palace was built by Skanska, which has previously been involved in the construction of ice sports complexes in St. Petersburg and Yaroslavl.

Olympic champions in figure skating Tatyana Navka and Roman Kostomarov took part in the gala concert.

The first hockey match at the new arena took place on November 15, 2006 between the teams Severstal and Siberia and ended with a score of 5:3 in favor of the hosts.