Construction of ANZ Stadium commenced in September 1996 and was completed in March 1999. The Stadium project cost approximately $670 million. This includes $545 million in design and construction costs, $32m in surrounding precinct works and $93m in development and financing costs. This $670 million covered the stage 1 Olympic configuration . A further $80 million was invested in the post-Games reconfiguration work involving the installation of an oval arena, moving stands on the east and west, roofing over the north and south stands and a new tier on the north stand. The Stadium in its final configuration has a capacity of 82,000 for oval sports (AFL and cricket) and a capacity of 83,500 in rectangular mode (for rugby union, league and soccer) and the ability to switch between these modes regularly.
The majority of the construction costs of ANZ Stadium was funded through private debt or equity. Of the $670 million Stage 1 project costs, approximately $555m was funded through private debt or equity and the balance of $115m through the NSW Government.
Upon expiry of the lease in 2031, the Stadium and all property in it reverts to full ownership by the NSW Government, through the Sydney Olympic Park Authority.