Letzirund is the home of the football club FC Zurich. It is also temporarily home to Grasshopper-Club Zurich while their stadium, Stadion Zurich, is under construction. The annual athletics meeting Weltklasse Zurich, part of the IAAF Golden League, takes place at the Letzigrund, as well as frequent open air concerts.

In January 2005, UEFA approved plans to rebuild the stadium and the new stadium opened on 30 August 2007 just one year after the demolition of the old arena. The new stadium cost €66.5m, with a further 3.5million euros being spent on temporarily increasing the seated capacity to 30,000 for Euro 2008.