After 2005, when the ground hosted its last Australian Football League (AFL) game, two stands were removed and replaced with an indoor training facility and administration building, reducing the capacity.

[4] Subsequent renovations and modernisation of the ground and surrounding precinct have reduced Ikon Park's capacity to approximately 13,000.

[8] The cricket club, unsuccessful in seeking to access the oval, began to look elsewhere for a permanent venue and the football ground was however retained in situ.

The Robert Heatley Stand was officially opened by Alderman Sir William Brunton on Saturday, 7 May 1932.

[14] In 1952, Princes Park was originally selected to be the main stadium for the 1956 Melbourne Olympics, which would have resulted in a major redevelopment to accommodate up to 100,000 spectators.

[15][16] Princes Park was the venue for the second Ashes test of the 1992 Great Britain Lions tour, in which the visitors defeated Australia 33–10.

In 1994, the Balmain Tigers played two New South Wales Rugby League premiership games at Princes Park.

[18][19] On 7 June 2007 it was announced that the stadium would receive a A$15.7m redevelopment to provide the Carlton with elite training and administration facilities.

The proposed redevelopment incorporated a gymnasium, weights and stretch areas, a 4-lane, 25-metre indoor heated pool, medical offices and rehabilitation/treatment spaces, football administration offices, lecture theatre and meeting rooms and additional changing room facilities.

[4] The venue hosted the 2018 AFL Women's Grand Final, which saw the Western Bulldogs defeat Brisbane 27 to 21 in front of a crowd of 7,083.

[24] The training and administration building was refurbished, the Pratt Stand was demolished to make way for a match-day pavilion containing changing-rooms, high-performance areas, an indoor training field measuring 25m x 50m, broadcast-quality lighting, expanded retail facilities, a new café and function and events centre.

[25] The 2023 AFL Women's Grand Final was held at Ikon Park on 3 December 2023, which saw Brisbane defeat North Melbourne 44 to 27 in front of a crowd of 12,616.

1 Oval in the wider Princes Park area to enable the football club unlimited access to the venue for year-round training.

[39] The Balmain Tigers took two games away from their traditional home Leichhardt Oval to Princes Park in the 1994 Winfield Cup.

[40] From the 2006 NRL season onwards, the venue became the administrative headquarters for the Melbourne Storm rugby league club; the club relocated to the temporary home while plans were being made for the construction of a new purpose-built rectangular stadium next to the then-current Melbourne Storm home ground, Olympic Park Stadium.