The arena's main tenants are the Sheffield Sharks and Sheffield Hatters basketball teams, who relocated from their previous homes at Ponds Forge and All Saints Sports Centre for the start of the 2023–24 season.

Plans were in place for a 2,500 capacity basketball arena within the Sheffield Olympic Legacy Park on the site of the former Don Valley Stadium as far back as 2016.

[2][3] After subsequent delays and changes to the plans, the £14 million Park Community Arena, developed by Canon Medical Systems, broke ground in 2022.

[4][5] A 10-year naming rights deal was confirmed in August 2023, with the facility officially branded as Canon Medical Arena until 2033.

[8] Two weeks later, Sheffield Hatters made their debut at the new venue with a match against Nottingham Wildcats on 22 October.