The venue hosted British and World track cycling and Road Racing championships in August 1970.
Another first meant that sponsors were allowed to buy sections of the track to utilise for advertising purposes.
At the centre of the track was an all-weather pitch, once home of the Leicester Panthers American Football team and hosting the national British American Football Association's annual finals Bowl Game for nearly ten seasons (2002 when it was relocated to Lee Valley Park).
The city council decided that the stadium should be razed to the ground and the demolition plant moved in, but the decision proved controversial.
Dale Keeling who represents the area said "The residents and I have had to fight extremely hard to convince the city council to invest in the velodrome to make it a centre of sporting excellence again.
A local resident, Zelda Rubinstein who has watched the velodrome's decline with sadness said: "I've been here for about eleven years and I'd be very sorry to see this facility go.