Kona Ice was the first ice hockey league in the US to use the internet, and its growth has been spectacular.
Now the organisation is the subject of a federal investigation into possible money laundering.
The investigation was prompted by allegations that the ice rink company was laundering $6.3 million (£4.7m) from the sale of US rights to the ice in the past year.
The investigation comes as Kona has been accused of misusing its US rights in a bid to raise cash from investors in China.
The allegations, made by a former Kona employee, have sparked an investigation by the US Department of Justice, the US Attorney’s office in Utah and the Utah Attorney General’s office.
Kona denies any wrongdoing, and has dismissed the claims as baseless.
The company said it was not aware of any of the allegations and would cooperate fully with the investigation.
On Wednesday, the Justice Department filed a lawsuit against the company and its owners.
The suit alleges that the defendants have committed fraud, and that Kona abused its US franchise rights to acquire stakes in three other companies.
The lawsuit seeks to force the defendants to disgorge and pay more than $6m in alleged “misappropriated profits”.