[2] In February 2019, Jean-Michel Aulas, then-owner and president of Olympique Lyonnais, announced plans to build a multi-purpose arena next to the stadium.

[5] To do this, the club needed a venue that met the requirements of the EuroLeague for international games; the Astroballe had only 5,556 seats.

In July 2021, Olympique Lyon awarded the architectural firm Populous and Citinea, a subsidiary of the French construction group Vinci SA, the contract to design and build the multi-purpose hall in Décines-Charpieu, a commune located in the Metropolis of Lyon, France.

[6][7] In mid-October of that year, the Olympique Lyonnais Groupe signed a multi-year contract with Live Nation Entertainment.

The OL Vallée Arena signed a 15-year amortizing real estate lease agreement with a group of five banks, which provided for a residual value of 20 percent.

[13] As it became known at the end of September 2023, Olympique Lyon intended to give up partial or complete control of the arena.

In May 2023, the club sold a majority stake in the Olympique Lyonnais women's team to US businesswoman Michele Kang.

On 23 November 2023, the first basketball game was held in the arena, which ended in a 100–101 loss by LDLC ASVEL to FC Bayern Munich after two overtimes, as part of the tenth round of the 2023–24 EuroLeague regular season and was attended by 11,354 spectators.

In 2024, more concerts by artists including Calogero, Shaka Ponk, Patrick Bruel, Green Day and Michel Sardou are to follow.

[17] American professional wrestling promotion WWE hosted two events at the arena: the first was a local live broadcast of the television program Friday Night SmackDown on 3 May 2024, followed by the pay-per-view and livestreaming event, Backlash France, a day later, which was broadcast live worldwide.