The first expansion team in the Central Hockey League, they were active for seven seasons from 1994–1997 and 1998–2002.

Bill Goldsworthy initially coached the team but stepped down for health reasons after only ten games.

John Torchetti took over coaching duties, leading the Iguanas to the CHL finals in both of their first two years.

The team ceased operations after failing to find local investors following the introduction of the San Antonio Rampage—which resulted from a joint partnership between the Spurs and the Florida Panthers.

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