 During this period, the Rangers were owned by Gulf+Western, which was renamed to Paramount Communications in 1989, and sold to Viacom in 1994.Viacom then sold the team to ITT Corporation and Cablevision, and several years later, ITT sold their ownership stake to Cablevision, who still owns the team today

The 1993–94 season was a successful one for Rangers fans, as Mike Keenan led the Rangers to their first Stanley Cup championship in 54 years.Two years prior, they acquired center Mark Messier, who was a part of the Edmonton Oilers' Stanley Cup-winning teams.