The Dragons participated in the Arena Football League's (AFL) National Conference as a member of the Eastern Division.

The Barnstormers were noted for their unique uniforms, which in keeping with the aviation theme included the depiction of goggles on the helmets, wings on the shoulders of the jerseys, and propellers on the pants legs.

Aside from the league's desire to re-enter the New York market, another major reason cited for the team's relocation was the inadequacy of their Des Moines venue, the Iowa Veterans Memorial Auditorium, also known as "The Barn".

In 2005, the Wells Fargo Arena opened in Des Moines, directly across from what the locals call "Vets", as part of the newly expanded Iowa Events Center.

In late September 2004, Islanders' ownership announced an ambitious project to renovate the Coliseum, surrounding it with housing units and construction of an adjacent tower, resembling a lighthouse, at a total cost of over $200 million (US).

On Saturday, February 11, 2006, the Dragons won against the expansion team Utah Blaze 84–81 on the road and they made AFL history for the second-most points scored in one game with 165.

On July 8, 2008 a group of investors, led by Steve Silva, announced they are buying the team from Charles Wang.

[4] On July 20, 2009, Sports Business Journal reported that the AFL owed approximately $14 million to its creditors and were considering filing for Chapter 11 bankruptcy protection.

[19] In early August 2009, numerous media outlets began reporting that the AFL was folding permanently and would file for Chapter 7 bankruptcy.

[21] Less than two months after the announcement, and a few weeks after the suspension forced the dissolution of af2, the Arizona Rattlers and Orlando Predators defected to Arena Football 1, a startup league consisting mostly of former af2 teams.