The museum was one of the first projects carried out under the UK private finance initiative: a non-departmental public body, the Royal Armouries, contracted with a private sector company, Royal Armouries International (RAI), which was financed by a long-term bank loan together with equity investment from 3i, Gardner Merchant, Electra and Yorkshire Electricity.

[4] RAI commissioned a new building to accommodate the museum: it was designed by Derek Walker and Buro Happold,[5] and built by Alfred McAlpine at a cost of £42.5 million.

The ceiling heights of the new building were designed to accommodate the longest staff weapons in the collections, displayed vertically, and are 6.5 meters off the ground at their highest point.

[21] The museum is mentioned in the Kaiser Chiefs song "Team Mate", from the band's debut album, Employment.

[22] The Nightmare Stacks, by Charles Stross, is mainly set in and around Leeds and the novel's title is an allusion to the museum's holdings.