The Stars were founded by Howard Baldwin, of Hockey Holdings & Management Group, and Dallas businessman Bob Schlegel, who took the dormant Louisville Panthers AHL franchise and resurrected it for the 2005–06 season as the Iowa Stars (the same name as an earlier team in 1969–70 in the Central Hockey League).

In their inaugural season, the Stars made it to the Calder Cup playoffs first round, where they were defeated by the Milwaukee Admirals.

After the 2007–08 AHL season, the Dallas Stars left the Iowa scene, and the Anaheim Ducks announced an affiliation with the team.

[1] Portland Pirates assistant Gord Dineen was named head coach of the Iowa Chops on August 19, 2008.

"[4] While the AHL declined further comment on the reasons for the suspension, the Des Moines Register reported in June, 2009, that the Chops had violated league rules by pledging the team as collateral for a $1.99 million loan from Wachovia.