Gerald Ford Stadium was constructed after the 1998 season to replace the aging 23,000 Ownby Stadium that had been the home to the team since 1923. The new $42 million stadium was financed by a large donation from Dallas billionaire Gerald J. Ford, who the stadium was named after.

The Mustangs made their debut at the stadium on September 2, 2000 against Kansas. Gerald Ford Stadium has a seating capacity of 32,000 in one tier horseshoe configuration. The playing field is 25 feet below street level to allow easier access to the seats and so  the stadium is not imposing on surrounding buildings. Gerald J. Ford Stadium has several amenities including 600 club seats and 24 luxury suites. In the future the stadium may be expanded as it was built to be able to be expandable to seat 45,000 fans.