Named for Jordon Ownby, the stadium was built at the south end of the campus. There was controversy at the time of the stadium's inception, as the school had spent the gift from Ownby on a stadium (per his wishes) rather than a full-sized library, which the school did not have at the time. Interestingly, with the exception of a few seasons after the school returned from a two-year "Death Penalty" from the NCAA, the team had not played at the stadium since 1948. In the interim, the team played at the Cotton Bowl, as well as several years in the 1980s at Texas Stadium.
The 23,783 seat stadium consisted of four grandstands, one on each side, with the west (home) size being larger than the rest. In late 1998, the stadium was demolished to make way for Gerald J. Ford Stadium, which stands on the same site.