In their first five seasons, the Vipers were highly successful, achieving 100 points each year and making two appearances in the Turner Cup Finals, winning the championship in 1997.
[2] During said lockout, the Vipers took on the Ninety-Nines, an all-star team of locked-out National Hockey League players led by Wayne Gretzky.
[2][3] The team won the IHL's Central Division but were eliminated by the Kansas City Blades in five games in the first round of the playoffs.
[2][3][12] This off-season also saw the arrival of Russian phenom Sergei Samsonov and IHL All-Star Stan Drulia to the Vipers.
[24][25] During the off-season, Palace Sports & Entertainment purchased the Tampa Bay Lightning and made the Vipers their top minor league affiliate.
[26][27] As a result, Steve Ludzik was promoted as Lightning head coach in an effort by ownership to rebuild the struggling NHL club.
It also led to a swift, sudden and near-total collapse; the Vipers plummeted from having the second-best record a season prior to being dead last in the league.
[2][3][23][29] The Vipers' woes were nothing, however, compared to the worsening health of the IHL as the league was experiencing high travel costs, salary issues, and an inability to establish a sustainable relationship with the NHL.
[2][32] The impending demise of the IHL, combined with the plummeting attendance, led Palace Sports to find a new affiliate for the Lightning.