The Panthers' first major stars were New York Rangers goaltender castoff John Vanbiesbrouck, rookie Rob Niedermayer and forward Scott Mellanby, who scored 30 goals in Florida's inaugural season. The Panthers' and Ducks' roster was filled up in both the expansion draft and the 1993 NHL Entry Draft in June 1993, hosted by Quebec City that draft produced ten players who would eventually be a part of the 1996 Eastern Conference-winning team. The new franchise would join the NHL for participation in the 1993–94 season along with the Mighty Ducks of Anaheim. Huizenga held the Panthers trademark since 1991 when he purchased it from a group of Tampa investors who sought to create an MLB team on the Bay area. Once the logos and uniforms were unveiled on June 15, 1993, the team also announced its financial commitment to the panther preservation cause.

The team is named for the Florida panther, an endangered species of large cat endemic to the nearby Everglades region. On April 20, 1993, a press conference in Fort Lauderdale announced that the team would be named Florida Panthers with former New York Islanders general manager Bill Torrey as president and Bobby Clarke as general manager. Offices for the team were only established on June 1993, while Vice President of Business Operations Dean Jordan conceded that ' none of the business people, myself included, knew anything about hockey.' Huizenga announced the team would play at the Miami Arena, sharing the building with the National Basketball Association (NBA)'s Miami Heat until a new arena was built. The entry fee was $50 million, but despite fellow Florida team Tampa Bay Lightning starting play the year before, the NHL did not consider it to be a case of territory infringement. At the time, Huizenga owned both the newly founded Florida Marlins of Major League Baseball (MLB) and a share of the National Football League (NHL)'s Miami Dolphins. On December 10, 1992, Blockbuster Video magnate Wayne Huizenga was awarded an NHL franchise (the same day The Walt Disney Company earned the rights to start a team in Anaheim).

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