The original stadium was built in 1914 as part of the 1915 Panama–California Exposition, also in Balboa Park, with a capacity of 15,000. It was designed by the Quayle Brothers architectural firm and originally called City Stadium. On May 31, 1915, the stadium was dedicated and around 20,000 people came to watch track and field events.

Auto racing took place on a quarter-mile dirt track in Balboa Stadium from about 1937 through July 4, 1961, when the racing stopped so the facility could be used for pro football. Balboa Stadium was one of the hotbeds of midget racing starting in about 1937 until the early 1950s (except for the war years). When interest in midget racing started waning, jalopies became popular. The San Diego Racing Association was formed in 1953 and started sanctioning the racing. By 1958, the San Diego Racing Assn had transformed from a jalopy association to a sleeker modified sportsman (the forerunners of today's super modifieds). Jalopy champions of the SDRA at Balboa included Glen Hoagland (1953), Jim Wood (1954), Jack Krogh (1955), Harris Mills (1956), Don Ray (1957), and Mondo Iavelli (1958). Don Thomas (1957) was the inaugural modified champion with Art Pratt being a three time titlest (1958 - 1959 - 1960). Rip Erikson took the honors in the 1961 season that was split between Balboa Stadium and Cajon Speedway. Also holding events at Balboa Stadium during the 1950s were occasional visits by the URA midgets and the NASCAR Pacific Coast Late Models. During the 1950s it was not unusual for more than 10,000 fans to attend a weekly show at Balboa.

The stadium also hosted local amateur and professional baseball contests in the period prior to the establishment of the Pacific Coast League Padres in 1936. Babe Ruth, Lou Gehrig, Ty Cobb, and Satchel Paige played in Balboa Stadium.

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