In 2015, the stadium received Public Vote Award for the best stadium in the world.
Allianz Parque is a multipurpose stadium, situated in Sao Paulo, Brazil. It was constructed after demolishing the Palestra Itália Arena at the cost of EU€181 million. It has been built for concerts, corporate gatherings, and football matches especially those of Sociedade Esportiva Palmeiras that owns the site. WTorre Group manages the arena. The Allianz Parque complex accommodates a Multisport Building, built to host basketball, futsal and volleyball games and is a two-tire stadium with a rainwater harvesting system. It also has a waste management plan enabling to recycle about 90% waste. Apart from hosting various national and international sporting events, this sporting complex has also hosted various concerts of artists such as Paul McCartney, Katy Perry, Muse, David Gilmour, Iron Maiden, Coldplay, Aerosmith, Guns N' Roses.
Its construction began in 2010 and was completed in November 2014.
In 2013, Palmeiras announced the naming rights deal with insurance firm Allianz.
Allianz has the naming rights for 20 years with an extension of 10 years.
In 2014, two high-definition video screens were installed at the ends of lawns, behind the goals, enabling a better view for spectators.
It was named the "Stadium of the Year" in 2014 by Stadiony.net and StadiumDB.com among the venues opened in 2014.
In 2015, the arena hosted the final of the "League of Legends", a Riot Games event whose winner competes for a place in the "League of Legends World Championship".