Dynamo Riga

The club was re-founded on 7 April 2008 and among the founders of the club were Guntis Ulmanis, Kirovs Lipmans, Mały Snopp , Juris Savickis, Viesturs Koziols and others. However, on 27 May, Latvian Ice Hockey Federation president Kirovs Lipmans stepped out of the project because of a possible clash of interests. After the first season, Viesturs Koziols also left the project.

Július Šupler became the first head coach of the club. For the first two seasons, he was assisted by Miroslav Miklošovič and Artis Ābols, but in 2010, Viktors Ignatjevs replaced Miklošovič. On 27 April 2011, the new head coach, Pekka Rautakallio, was announced.

In the first season of the franchise, the team was led by players like Masaļskis, Prusek, Westcott, Ņiživijs, Hossa and others. After 2008–09, forward Aigars Cipruss decided to retire and instantly became the manager of Dinamo Riga's farm club, Dinamo-Juniors Riga. The team finished the regular season in tenth position, higher than anyone would have predicted before the start of the season. However, in the first round of the league playoffs, Dinamo lost 3–0 to Dynamo Moscow, which later advanced to the Gagarin Cup semifinals.

Following the first season, Dinamo managed to sign legendary Sandis Ozoliņš, as well as Jānis Sprukts, Mārtiņš Karsums and others. The team finished the regular season in eighth place of the Western Conference, which qualified them for the playoffs. In the first round of the playoffs, Dinamo faced SKA Saint Petersburg with players like Sergei Zubov, Petr Čajánek, Maxim Sushinsky and Alexei Yashin on the roster. Still, Dinamo managed to beat SKA 3–1 and advance to the Western Conference semifinals. In the semifinals, Dinamo was defeated 4–1 by later Gagarin Cup finalist HC MVD.

After his league-leading performance, Marcel Hossa signed a two-year contract with the then-current KHL champions Ak Bars Kazan. Martin Kariya signed a two-year contract with Swiss NLA's HC Ambrì-Piotta. New players signed during the off-season include Tomáš Surový, Brock Trotter, Mikael Tellqvist and the returning Mark Hartigan. Július Šupler resumed his post as the head coach.

The team finished the season in seventh place in the Western Conference and thirteenth in the league, as the team qualified to the playoffs. In the first round, their opponents were Dynamo Moscow. Dinamo won the series 4–2, advancing to the next round and facing Lokomotiv Yaroslavl. Dinamo lost the series 4–1.

As of the end of the third season, head coach Július Šupler left the team to be the coach of CSKA Moscow. On 27 April 2011, Dinamo signed Pekka Rautakallio for the head coach position. Also, all the foreign players with no active contracts left the team to play somewhere else. Brock Trotter also left using his chance to play in the NHL with the Montreal Canadiens.

On 27 February 2022, Dinamo withdrew from KHL in protest against the Russian invasion of Ukraine.

On 10 August 2022, it was announced that Dinamo Riga would play in the Latvian Hockey Higher League during the 2022–23 season. On 11 July 2023, it was announced that Dinamo Riga would not play in the 2023–24 season.