The team was owned and operated by the same group as the Kyiv-based basketball club, BC Budivelnyk.

The team was founded on March 16, 2010 when the KHL announced publicly a letter of intent had been signed declaring the organization's aspirations to join the league for the following season.

[4] The product of the Dnipro-based PrivatBank, the vision behind Budivelnyk was to create a team composed of the top Ukrainian hockey players in the world that would also be capable of competing at the highest European level.

In similar ambitions, the group intended to promote his basketball team, BC Budivelnyk, to the Euroleague.

The team's first general manager was announced to be Oleg Kupriyanov, who had previously acted in the same role for the KHL's Metallurg Magnitogorsk for 19 years.