It is the home of Richmond Flying Squirrels of the Eastern League and the Virginia Commonwealth University baseball team.

[8] In 2003, part of The Diamond's roof was destroyed by Hurricane Isabel, and in 2004 a piece of a concrete beam the size of a football fell on the stands below, though no fans were injured.

There was plan by a development group called the Richmond Baseball Initiative to build a new stadium in Shockoe Bottom near Main Street Station.

Under the plan, the Richmond Braves would have moved to the new stadium while the Diamond would become the sole home to Virginia Commonwealth University athletics.

[12][13] The venue hosted the 1987 and 1988 Colonial Athletic Association baseball tournaments, won by East Carolina and George Mason, respectively.

[citation needed] The Flying Squirrels and VCU will be leaving The Diamond in 2026 and will begin playing home games at the new CarMax Park.