Originally opened in 1939 as part of President Franklin D. Roosevelt's Works Progress Administration (part of the New Deal), the Coliseum has hosted numerous historical events, including the only performances ever held in Indiana by The Beatles, in 1964.

After Market Square Arena opened in 1974, the coliseum continued on as an alternate venue to the larger arena for events requiring less seating or overall space. This continues today after the Conseco Fieldhouse opened in 1999, and the subsequent demolition of Market Square Arena in 2001.

On October 26, 2012, the Coliseum held a "Lights Out" ceremony and closed for renovations. On April 24, 2014, after a 17-month, $53 million renovation, the Coliseum re-opened.

In December 2014, the Indiana Farmers Mutual Insurance Company entered into a ten-year agreement with the Indiana State Fair Commission to re-christen the arena as the Indiana Farmers Coliseum.

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