It was named after German motorsport racer and constructor Paul Greifzu who had died in a training accident in Dessau in May that same year.

[1] The last step of renovation to date was the construction of changing rooms and other operational facilities below the east stand, but further ideas for remodeling the complex exist.

Altogether 6.7 million Euros have been invested in the stadium since 1996, turning it into one of the most modern stadia in Central Germany.

Every year the Anhalt-Meeting is held in the Paul Greifzu Stadium, regarded as one of the best outdoor meetings in Europe by athletes such as Franka Dietzsch or Tim Lobinger.

Several matches of the now defunct DFB-Ligapokal were also held in Dessau, as well as several finals of the East German Cup, the FDGB-Pokal.