[5] In 1996, construction began on the new stadium, which was to be named after bodybuilder, actor and former governor of the U.S. state of California, Arnold Schwarzenegger, who was born near Graz.

In December 2005, when Schwarzenegger did not stop the execution of Stanley Tookie Williams, an intense discussion in his hometown began about what to do with the stadium that bore his name.

In March 2016 the Austrian insurance company Merkur Versicherung secured the rights to bear a name and the stadium was renamed to Merkur-Arena.

At Champions League games of the SK Sturm Graz, some additional platforms were built so that the stadium had a capacity of 16,000 spectators.

The stadium hosted a World Cup qualifier between Austria and Faroe Islands on 5 September 2009 which ended in 3–1 victory for the home team.

The average season attendances from league matches held at the Merkur-Arena for Grazer AK and SK Sturm Graz.