The Rangers, despite losing a 3-1 series lead, ended their then record 54-year championship drought with a victory in Game 7 to claim the long-awaited Stanley Cup.

The Canucks entered the playoffs seeded seventh in the Western Conference, and overcame a three-games-to-one deficit against the second-seeded Calgary Flames, winning the final three games in overtime with Game 7 ending in double overtime as Pavel Bure scored the winning goal on a breakaway to upset the Flames.

[6][7] This was the Canucks’ first appearance in the Stanley Cup Finals since 1982, where they were previously swept by the Rangers’ cross-town rivals in the New York Islanders.

In addition, three of the Rangers (Messier, Anderson, and Lowe) were each making their seventh appearance in the Stanley Cup Finals (each having made their first six with Edmonton).

[13][17] The Rangers scored early and led 2–1 late in the third period before Martin Gélinas tied the game with 1:00 to play in regulation time.

[19] The Canucks came storming out in front of their home fans and Pavel Bure scored on his first shift to give them the early lead.

Richter made some key saves to keep the game within reach, including one on a penalty shot against Pavel Bure, and Leetch picked up a goal and three assists as the Rangers won 4–2 to take a commanding 3–1 series lead.

[20] Mike Babcock would join him in this feat in 2009 while with the Detroit Red Wings, having been with the Mighty Ducks of Anaheim when they lost to the New Jersey Devils in 2003 (the home team won all seven games of the series).

[21] The game at Madison Square Garden was an "electric affair"[16] with the Rangers jumping to an early 2–0 lead at the 15-minute mark after scoring twice within four minutes on goals by Brian Leetch and Adam Graves.

However, Canucks captain Trevor Linden silenced the home crowd with a short-handed goal early in the second period to make it 2-1.

Mark Messier restored order for the home crowd with a power play goal, only to have Linden make it close again.

After that, it was "hectic, jittery hockey," Nathan LaFayette "frightened all Manhattan wobbling a loose puck" off the post behind Mike Richter with six minutes left.

[25][26][27] This was the last Cup Finals in which the regional rights holders of the participating U.S. teams produced local telecasts of their respective games.

Under the American TV contracts that would take effect beginning next season, there would be exclusive national coverage of the Cup Finals, split between Fox Sports and ESPN.

[29] MSG Network broadcaster Al Trautwig said that the Rangers themselves contributed to those numbers in putting the first Russian names on the Stanley Cup: Alexander Karpovtsev, Alexei Kovalev, Sergei Nemchinov, and Sergei Zubov, giving a huge European audience, including those watching on the brand-new television screens across the former Soviet Union, a Stanley Cup story to remember.