It had an opening capacity of 20,750, making it the largest purpose-built venue in Swansea; minor layout changes have since increased this to 21,088.

With Swansea City's Vetch Field, and Ospreys' St Helen's and The Gnoll no longer being up-to-date venues to play at, and both the Swans and the Ospreys not having the necessary capital to invest into a new stadium, Swansea council and a developer-led consortia submitted a proposal for a sustainable 'bowl' venue for 20,520 seats on a site to the west of the River Tawe on the site of the Morfa Stadium, an athletics stadium owned by the City and County of Swansea council.

[8] The first league game was held on 6 August, with Swansea defeating Tranmere Rovers through a single goal by debutant Adebayo Akinfenwa.

[9] Before a league match between Swansea City and Oldham Athletic in October 2005, a statue of Ivor Allchurch (1929–1997) was unveiled to commemorate the Swansea-born star who during two spells for the club scored a record 164 goals in 445 appearances.

[10] The first capacity crowd recorded at Liberty Stadium was on 1 November 2006 when The Ospreys beat Australia A 24–16.

Swansea City have expressed a desire to have the capacity of the stadium increased and have held talks with Swansea Council during the 2011–2012 season for the future expansion of the Liberty Stadium which would be completed in a number of phases beginning with expansion or redevelopment of the east stand.

[14] In December 2013, it was reported by BBC News that the European Commission had requested details of the funding of the stadium, as part of a wider inquiry into state aid for sports clubs.

These included two new 'Jumbotron' screens inside the north and south stands, measuring approximately 200 inches.

The first was the first Wales match in Swansea for 17 years, and saw local player John Hartson captain the team for the first time, in a goalless draw against Slovenia.