The Aksarben property has always occupied a unique position in the fabric of the Omaha community. Originally owned and developed by the Knights of Aksarben, a philanthropic organization composed of the business, social and political leadership of the city, for decades it was a civic and entertainment gathering location. Its racetrack, grandstand, coliseum and other facilities hosted thoroughbred horse racing, minor league sports teams, world championship rodeos, concerts and road shows, public ice skating, countless commencement ceremonies and other large public functions.
With the decline in the popularity of horseracing, the Knight’s primary source of income for its philanthropy and operations, in the early 1990’s the group transferred ownership of the property to Douglas County. The County attempted to continue the horseracing and civic uses, but within a few years their efforts proved unsuccessful. As a result, the property was transferred to the Aksarben Future Trust, the current owner.