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 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 included
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. In February 2022, Dinamo and the Finnish side
Jokerit withdrew from the
KHL due to 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. The team still exists legally as the
akciju sabiedrība "Dinamo Rīga", but has not entered any competitions since August 2023 and is inactive. ==Crest==