Fire Rescue Victoria and police were also on scene.
A CFA spokesperson said the fire was declared under control at 3.21am and safe at 4.10am.
The Ted Davis Stand was named after Edward Davis OAM, a long-standing member and treasurer of the Mooroopna Recreation Reserve Committee.
The grandstand remained under guard at 9.30am as Shepparton police awaited fire investigators and while burnt debris was still smouldering inside the gutted storage area beneath the stand’s seating.
No cause has been determined; however, the fire is being treated as suspicious.
Anyone who witnessed the incident, has CCTV/dashcam footage or information is urged to call Shepparton police on 5820 5777 or contact Crime Stoppers on 1800 333 000 orcrimestoppersvic.com.au