The Fargo-Moorhead Ice Sharks were founded as a junior ice hockey team in 1996, moved to Bensenville, Illinois, and became the Chicago Steel in 2000. In May 2015, the majority ownership of the Steel was purchased by Larry Robbins while then current owners Bruce Liimatainen and Mike Greenberg remained involved as minority owners. The announcement for the change of ownership was accompanied by a change of leadership as Ryan Bennett and Dan Muse were hired as the new general manager and head coach, respectively.
In May 2017, the Steel defeated the Sioux City Musketeers 2–1 in overtime of game five, finishing a 3-games-to-2 series win to claim the franchise's first Clark Cup. Head coach Dan Muse was hired by the National Hockey League's Nashville Predators as an assistant coach, and Mark Abalan took over as head coach. In January 2018, Abalan was replaced by Ryan Cruthers as interim head coach and assistant general manager. During the 2018 Clark Cup playoffs, the interim tag was removed and Cruthers was named the permanent head coach.
The Steel won the regular season championship, the Anderson Cup, in the pandemic-shortened 2019–20 season. The Steel won a second Anderson Cup in the shortened 2020–21 season, and subsequently won their second Clark Cup as playoff champions.[citation needed]
In August 2023, Larry Robbins sold the team to the Wirtz Corporation, who also own the National Hockey League's Chicago Blackhawks franchise. Beginning in the 2026–27 season, the Steel will play home games at USG Arena inside Blackhawks Ice Center, the practice facility for the Chicago Blackhawks in the Near West Side, Chicago.
