SECURITIES AND EXCHANGE COMMISSION
                             WASHINGTON, D.C. 20549
                                 ---------------

                                    FORM 10-Q


                                   (Mark One)

            [X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF
                       THE SECURITIES EXCHANGE ACT OF 1934
                For the quarterly period ended September 30, 1998

                                       OR

            [ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF
                       THE SECURITIES EXCHANGE ACT OF 1934
                For the transition period from ____________ to ____________

                         Commission file number: 1-13173

                         FLORIDA PANTHERS HOLDINGS, INC.
             (Exact Name of Registrant as Specified in its Charter)

                 Delaware                          65-0676005
          (State of Incorporation)               (I.R.S. Employer
                                                Identification No.)

              450 East Las Olas Boulevard                 33301
              Fort Lauderdale, Florida                  (Zip Code)
        (Address of Principal Executive Offices)
                                              

       Registrant's telephone number, including area code: (954) 712-1300

      Former Name, Former Address and Former Fiscal Year, if Changed Since Last 
Report: Not Applicable

    Indicate  by check mark  whether the  registrant:  (1) has filed all reports
required to be filed by Section 13 or 15(d) of the  Securities  Exchange  Act of
1934  during  the  preceding  12 months  (or for such  shorter  period  that the
registrant was required to file such reports),  and (2) has been subject to such
filing requirements for the past 90 days. Yes [X] No [ ]

     As of November 10,  1998,  there were  34,890,358  shares of Class A Common
Stock,  $.01 par value per share,  and 255,000  shares of Class B Common  Stock,
$.01 par value per share, outstanding.

<PAGE>

Part I - Financial Information

Item 1.  Financial Statements

                         FLORIDA PANTHERS HOLDINGS, INC.

                      UNAUDITED CONSOLIDATED BALANCE SHEETS
                        (In thousands, except share data)
<TABLE>
<S>
                                                      <C>            <C> 
                                                      September 30,   June 30,
                                                         1998           1998
                                                      -------------   ---------
                              ASSETS

Current assets:
  Cash and cash equivalents...........................  $  11,466     $  37,228
  Restricted cash.....................................     34,234        29,296
  Accounts receivable, net............................     31,540        28,574
  Inventory...........................................      7,269         6,499
  Current portion of Premier Club notes receivable....      4,068         4,089
  Other current assets................................      9,321         5,496
                                                        ---------     ---------
          Total current assets........................     97,898       111,182
Property and equipment, net...........................    999,927       959,214
Intangible assets, net................................     36,216        36,926
Long-term portion of Premier Club notes 
  receivable, net ....................................      7,670         7,828
Other assets..........................................     19,389        13,057
                                                       ----------    ----------
         Total assets................................  $1,161,100    $1,128,207
                                                       ==========    ==========

                LIABILITIES AND SHAREHOLDERS' EQUITY

Current liabilities:
  Accounts payable and accrued expenses...............  $  45,716     $  41,326
  Current portion of deferred revenue.................     68,108        35,114
  Short-term debt.....................................    317,750       318,250
  Current portion of long-term debt...................      4,804         4,540
  Other current liabilities...........................      7,882         3,866
                                                        ---------     ---------
          Total current liabilities...................    444,260       403,096
Long-term debt........................................    228,310       217,836
Premier Club refundable membership fees...............     64,317        65,046
Other non-current liabilities.........................     11,711         9,826
Minority interest.....................................      2,016         1,892
Shareholders' equity:
 Class A Common Stock, $.01 par value, 100,000,000
   shares authorized and 34,890,358 and 34,888,358
   shares issued and outstanding at September 30, 1998
   and June 30, 1998, respectively....................       349           349
 Class B Common Stock, $.01 par value, 10,000,000 shares
    authorized and 255,000 shares issued and outstanding  
    at September 30, 1998 and June 30, 1998..........          3             3
 Contributed capital ................................    432,131       432,110
 Accumulated deficit.................................  (  21,997)    (   1,951)
                                                      -----------   -----------
         Total shareholders' equity .................    410,486       430,511
                                                      -----------   -----------
         Total liabilities and shareholders' equity.. $1,161,100    $1,128,207
                                                      ===========   ===========
</TABLE>

          See accompanying notes to consolidated financial statements.

<PAGE>

                         FLORIDA PANTHERS HOLDINGS, INC.

                 UNAUDITED CONSOLIDATED STATEMENTS OF OPERATIONS
                    For the Three Months Ended September 30,
                      (In thousands, except per share data)


<TABLE>
<S>
                                                           <C>        <C> 
                                                              1998       1997
Revenue:                                                   ---------  --------- 
  Leisure and recreation.................................  $  48,639  $  30,287
  Entertainment and sports...............................      3,639      2,662
                                                           ---------  ---------
          Total revenue..................................     52,278     32,949

Operating expenses:
  Cost of leisure and recreation services................     27,557     17,568
  Cost of entertainment and sports services..............      3,425      3,338
  Selling, general and administrative expenses...........     23,402     17,442
  Amortization and depreciation..........................      7,479      3,847
                                                           ---------  ---------
          Total operating expenses.......................     61,863     42,195
                                                           ---------  ---------
Operating loss...........................................   (  9,585)  (  9,246)
Interest and other income................................        437        465
Interest and other expense...............................   ( 10,663)  (  3,288)
Minority interest........................................   (    235)  (     88)
                                                           ---------- ----------
Net loss.................................................  $ (20,046) $( 12,157)
                                                           ========== ==========

Net loss per share - basic and diluted...................  $(   0.57) $(   0.38)
                                                           ========== ==========

Shares used in computing net loss per share - 
  basic and diluted......................................     35,145     32,000
                                                           ==========  =========
</TABLE>

          See accompanying notes to consolidated financial statements.

<PAGE>


                         FLORIDA PANTHERS HOLDINGS, INC.

                 UNAUDITED CONSOLIDATED STATEMENTS OF CASH FLOWS
                    For the Three Months Ended September 30,
                                 (In thousands)
<TABLE>
<S>
                                                      <C>          <C>
                                                          1998         1997
Operating activities:                                 -----------  -----------
  Net loss .........................................  $(  20,046)  $(  12,157)
  Adjustments to reconcile net loss to net cash
    provided by operating activities:
    Amortization and depreciation...................       7,479        3,847
    Income applicable to minority interest..........         235           88
Changes in operating assets and liabilities
 (excluding the effects of business acquisitions):
    Accounts receivable.............................   (   2,966)  (       35)
    Other assets....................................   (  10,799)       2,730
    Accounts payable and accrued expenses...........       4,390   (    3,001)
    Deferred revenue and other liabilities..........      38,166       24,061
                                                      ----------   ----------
          Net cash provided by operating activities.      16,459       15,533

Investing activities:
  Cash acquired in business acquisitions............         --        12,476
  Cash used in business acquisitions................         --     (  75,508)
  Capital expenditures..............................   (  52,369)   (  11,418)
                                                       ----------   ----------
          Net cash used in investing activities.....   (  52,369)   (  74,450)
                                                       ----------   ----------
Financing activities:
  Net proceeds from the sale of common stock........          --      108,763
  Borrowings under credit facilities................      31,800           --
  Payments on long-term debt and other credit          
    facilities......................................  (   21,562)   (  35,000)
  Proceeds from exercise of stock options...........          21           --
  Distribution to minority interests................  (      111)   (     159)
                                                      -----------  -----------
          Net cash provided by financing activities.      10,148       73,604
                                                       ----------   ----------
          Increase (decrease) in cash and cash         
             equivalents............................   (  25,762)      14,687
  Cash and cash equivalents, at beginning of period.      37,228       13,709
                                                       ----------   ----------
  Cash and cash equivalents, at end of period.......   $  11,466    $  28,396
                                                       ==========   ==========
</TABLE>

          See accompanying notes to consolidated financial statements.

<PAGE>


                         FLORIDA PANTHERS HOLDINGS, INC.

              NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS

1.    Basis of Presentation

The accompanying unaudited Consolidated Financial Statements of Florida Panthers
Holdings, Inc. and subsidiaries (the "Company") have been prepared in accordance
with generally accepted accounting  principles for interim financial  statements
and  with the  instructions  to Form  10-Q and  Article  10 of  Regulation  S-X.
Accordingly,  they do not include all of the information and footnotes  required
by generally accepted accounting principles for complete financial statements.

In the opinion of management, the financial information furnished in this report
reflects all  adjustments  necessary for a fair  presentation of the results for
the interim period. The adjustments  consist of normal recurring  accruals.  The
results of operations for the  three-month  period ended  September 30, 1998 are
not  necessarily  indicative  of the results to be expected  for the entire year
primarily due to seasonal variations. All significant intercompany accounts have
been eliminated.

2.    Organization

The Company is a holding company with subsidiaries  currently  operating in two 
business  segments:  (1) leisure and recreation and (2)entertainment and sports.

The leisure and recreation  business consists of the ownership of the Boca Raton
Resort and Club, the Arizona  Biltmore Hotel, the Registry Hotel at Pelican Bay,
the  Edgewater  Beach Hotel,  the Hyatt  Regency  Pier 66 Hotel and Marina,  the
Radisson Bahia Mar Resort and Yachting Center and newly  redesigned  Grande Oaks
Golf Club (formerly known as Rolling Hills Golf Club).

The  entertainment  and sports business  consists of the Florida Panthers Hockey
Club (the "Panthers"),  arena development, arena management and ice skating rink
operations.  The Company's arena development and management  operations recently
completed  development  of the National Car Rental Center,  a new  multi-purpose
state-of-the-art  entertainment  and sports  complex.  In addition to serving as
home to the  Panthers in the 1998-99  season,  the  National  Car Rental  Center
showcases  other  spectator  sports and  entertainment  events,  and  provides a
centrally located site for meetings and conferences.

<PAGE>

Item 2. Management's Discussion and Analysis of Finanacial Condition and Results
        Of Operations

This report may not contain all the  information  that is important to you. This
section  should be read together with the Annual Report on Form 10-K because the
Form 10-K provides substantially greater detail.

Results of Operations

Business Segment Information

Business segment  operating data,  along with costs and expenses  expressed as a
percentage  of the  related  business  segment  revenue,  is set forth below (in
000's).

<TABLE>
<S>
                                 <C>          <C>  <C>             <C>


                                      Three Months Ended September 30,
                                 ---------------------------------------
                                    1998        %      1997         %
Revenue:                         ---------      ---  ---------      ---
Leisure and recreation.........  $ 48,639       93% $ 30,287        92%
Entertainment and sports.......     3,639        7%    2,662         8%
                                  --------           --------
          Total revenue........    52,278      100%   32,949       100%
Operating Expenses:
Cost of services:
  Leisure and recreation.......    27,557       57%   17,568        58%
  Entertainment and sports.....     3,425       94%    3,338       125%
Selling, general and
  administrative expenses:
  Leisure and recreation.......    19,169       39%   13,732        45%
  Entertainment and sports.....     2,422       67%    2,093        79%
  Corporate....................     1,811              1,617
Amortization and depreciation:
  Leisure and recreation.......     6,534       13%    2,867        10%
  Entertainment and sports.....       913       25%      980        37%
  Corporate                            32                 --
                                  --------           --------                   
Total operating expenses.......    61,863      118%   42,195       128%
                                  --------           --------
                     
          Operating loss.......  $ (9,585)          $ (9,246)
                                 =========          =========

EBITDA:
  Leisure and recreation.......  $  2,234           $(   811)
  Entertainment and sports.....   ( 2,142)           ( 2,688)
  Corporate....................   ( 1,761)           ( 1,435)
                                ----------         ----------
    Total...................... $ ( 1,669)           $(4,934)
                                ==========         ==========
                                                                
                       
Adjusted EBITDA:
  Leisure and recreation....... $   3,445          $(    811)
  Entertainment and sports.....   ( 2,142)          (  2,688)
  Corporate....................   ( 1,761)          (  1,435)
                                ----------         ----------
    Total...................... $ (   458)         $(  4,934)
                                ==========         ==========
                                                                   
</TABLE>
                                                     
Seasonality

The Company has historically experienced, and expects to continue to experience,
seasonal fluctuations in its gross revenue and net earnings.  Peak season at the
resorts extends from January through April,  while the regular hockey season for
the Panthers commences in October and ends in April.

<PAGE>

Consolidated Results of Operations

The Company's  operating  loss amounted to $9.6 million and $9.2 million for the
three  months  ended   September  30,  1998  and  1997,   respectively.   Higher
amortization  and  depreciation  on a larger resort  portfolio  during the three
months ended  September 30, 1998,  more than offset the  improvements  in profit
margins for these same periods. Additional information relating to the operating
results for each business segment is set forth below.

Leisure and Recreation

Variations in leisure and recreation  operating  results  between  September 30,
1998 and 1997 were largely due to acquisitions.  The Company purchased (1) a 68%
ownership  interest  in the  Registry  Hotel at Pelican  Bay in August 1997 (and
acquired the remaining  interests by July 1998),  (2) the Arizona Biltmore Hotel
in March 1998 and (3) the Edgewater Beach Hotel in April 1998.

Revenue

Leisure and recreation  revenue  totaled $48.6 million and $30.3 million for the
three months ended September 30, 1998 and 1997, respectively.  Approximately 62%
of 1998 revenue and 67% of 1997 revenue was derived from  non-room  sources such
as food and beverage  sales,  yachting  and marina  revenue,  club  memberships,
retail and other resort  amenities.  Management  expects  leisure and recreation
revenue for the three  months  ended  December 31, 1998 and March 31, 1999 to be
higher than the just concluded  quarter  because the properties will be entering
their peak season of operations.

Operating Expenses

Cost of leisure and recreation  services totaled $27.6 million or 57% of revenue
for the three months ended September 30, 1998,  compared to $17.6 million or 58%
of revenue for the three months ended  September  30, 1997.  Cost of leisure and
recreation  services  primarily  consisted  of direct  costs to  service  rooms,
marinas, food and beverage operations, retail establishments and other amenities
at the resorts.

<PAGE>

Selling,  general  and  administrative  expenses  ("S,G&A")  of the  leisure and
recreation business totaled $19.2 million or 39% of revenue for the three months
ended  September  30, 1998,  compared to $13.7 million or 45% of revenue for the
three months ended  September 30, 1997.  S,G&A as a percent of revenue  improved
because  the Boca Raton  Resort  and Club held its S,G&A  flat for each  period,
while revenue  increased  $5.1 million for the three months ended  September 30,
1998  compared to the three months ended  September  30, 1997.  S,G&A  primarily
consisted  of various  fixed,  indirect  costs,  including  utility and property
costs, real estate taxes, insurance, management and franchise agreement fees and
administrative salaries.

Amortization and depreciation expense associated with the leisure and recreation
business  totaled $6.5 million for the three  months ended  September  30, 1998,
compared to $2.9  million for the three  months ended  September  30, 1997.  The
increase was  primarily due to a full quarter of  depreciation  for the Registry
Hotel at Pelican Bay as well as depreciation  for the recently  acquired Arizona
Biltmore Hotel and Edgewater Beach Hotel.

Entertainment and Sports

Revenue

Entertainment  and sports  business  revenue  amounted to $3.6  million and $2.7
million for the three months ended  September  30, 1998 and 1997,  respectively.
The primary  component of the  entertainment and sports business is the Panthers
and arena operations.  Revenue and direct expenses  associated with the team are
recorded over the regular hockey season.  Therefore,  the majority of revenue is
reported during the  three-month  periods ended December 31 and March 31. Should
the Panthers  participate in the playoffs,  additional revenue and expenses will
be recorded during the three-month period ended June 30. The increase in revenue
during the three months ended  September 30, 1998 was derived from the Company's
ownership interests in arena operations.

Operating Expenses

Cost of entertainment and sports services totaled $3.4 million or 94% of revenue
for the three months ended September 30, 1998,  compared to $3.3 million or 125%
of  revenue  for the  three  months  ended  September  30,  1997.  S,G&A  of the
entertainment and sports business totaled $2.4 million or 67% of revenue for the
three  months  ended  September  30,  1998,  compared to $2.1  million or 79% of
revenue for the three months ended  September  30, 1997.  While cost of services
and S,G&A remained  relatively  flat in amount,  these  expenses  decreased as a
percent of revenue  because of an increase in revenue derived from the Company's
ownership interests in arena operations.  Amortization and depreciation  expense
associated  with the  entertainment  and sports  business  totaled  $913,000 and
$980,000 for the three months ended  September 30, 1998 and 1997,  respectively.
These  expenses  include  amortization  of  Panthers'  player's  salaries  and a
National  Hockey  League  franchise fee that was paid in 1993 when the expansion
franchise was granted.

Corporate General and Administrative Expenses

Corporate general and  administrative  expenses totaled  $1.8 million  and  $1.6
million for the three months ended September 30, 1998 and 1997, respectively.

Interest and Other Income

Interest and other income  primarily  include  interest  earned on cash and cash
equivalents  and on Premier  Club notes  receivable.  Interest  and other income
totaled  $437,000 and $465,000 for the three months ended September 30, 1998 and
1997, respectively.

Interest Expense

Interest  expense  totaled  $10.7  million and $3.3 million for the three months
ended September 30, 1998 and 1997, respectively.  The increase was the result of
higher debt levels assumed or originated in connection with the  acquisitions of
resorts.  The Company's  debt increased to $550.9 million at September 30, 1998,
from $151.1 million at September 30, 1997.

<PAGE>

Minority Interest

Minority  interest  totaled  $235,000 and $88,000  during the three months ended
September  30, 1998 and 1997,  respectively.  The increase in minority  interest
expense  follows  higher  operating  income  from  Decoma,   the  majority-owned
subsidiary that manages the Miami Arena.

EBITDA

EBITDA represents earnings before interest expense, income taxes,  depreciation,
amortization and minority interest.  Management and certain investors use EBITDA
and  Adjusted  EBITDA  (see below) as  indicators  of the  Company's  historical
ability to service  debt.  Management  believes  that an  increase in EBITDA and
Adjusted  EBITDA are  indicators  of the Company's  improved  ability to service
existing  debt,  to sustain  potential  future  increases in debt and to satisfy
capital requirements. However, neither EBITDA nor Adjusted EBITDA is intended to
represent cash flows for the period.  In addition,  they have not been presented
as  alternatives  to either (1)  operating  income (as  determined  by generally
accepted accounting  principles) as an indicator of operating performance or (2)
cash flows from operating,  investing and financing activities (as determined by
GAAP) and is susceptible to varying calculations.  EBITDA and Adjusted EBITDA as
presented  may not be  comparable to other  similarly  titled  measures of other
companies.

EBITDA  improved to $(1.7) million for the three months ended September 30, 1998
from  $(4.9)  million  for the  three  months  ended  September  30,  1997.  The
improvement in EBITDA was the result of an increase in revenue and better profit
margins  during the three  months  ended  September  30, 1998 as compared to the
three months ended September 30, 1997.

Adjusted EBITDA

Adjusted EBITDA  represents EBITDA plus the annual change in net deferred income
from the  Premier  Club at the Boca Raton  Resort  and Club.  The  Premier  Club
currently requires a non-refundable initial membership fee of $45,000 and annual
social dues  starting  at $2,300.  Members of the  Premier  Club have  unlimited
access to the Boca Raton  Resort and Club grounds and  recreational  facilities,

<PAGE>

which are otherwise restricted to resort guests. Membership fees are recorded as
revenue over the estimated  life of the  membership.  Unrecognized  Premier Club
amounts are reflected as deferred  revenue on the  Consolidated  Balance Sheets.
Adjusted  EBITDA improved to $(458,000) for the three months ended September 30,
1998 from $(4.9)  million for the three months  ended  September  30, 1997.  The
improvement  was  primarily  due to the  increase in revenue  and better  profit
margins  during the three  months  ended  September  30, 1998 as compared to the
three months ended September 30, 1997.

Liquidity and Capital Resources

Cash and cash equivalents decreased to $11.5 million at September 30, 1998, from
$37.2 million at June 30, 1998. The major components of the change are discussed
below.

Cash Provided By Operating Activities

Cash  provided by operating  activities  totaled $16.5 million and $15.5 million
during the three months ended September 30, 1998 and 1997, respectively. Because
of acquisitions, the Company received more cash flow from the core operations of
its resorts  during the three months ended  September 30, 1998.  The increase in
cash flow from the resorts was substantially  offset by additional interest paid
during the three months ended September 30, 1998.

Cash Used in Investing Activities

Cash used in investing  activities  amounted to $52.4  million and $74.5 million
during the three months ended  September 30, 1998 and 1997, respectively.

The  Company  did not  acquire  any  businesses  during the three  months  ended
September  30,  1998.  During the three  months ended  September  30, 1997,  the
Company spent $63.0  million (net of cash  acquired) on the  acquisition  of its
initial 68% ownership interest in the Registry Hotel at Pelican Bay.

Capital  expenditures  increased by $41.0  million,  to $52.4 million during the
three months ended September 30, 1998 from $11.4 million during the three months
ended  September  30,  1997.  The  Company  spent  about  $29.7  million  on the
acquisition  of land in Naples and  Plantation,  Florida during the three months
ended  September  30,  1998.  The Company  plans to use the parcels to construct
additional  recreational  amenities  that  would be  available  to guests of its
Naples' and Fort  Lauderdale  resorts.  Other capital  spending during the three
months  ended   September  30,  1998  related  to  continued   development   and
construction at Grande Oaks Golf Club,  continued  construction of the 122 guest
room  addition  at the Arizona  Biltmore  Hotel and other  recurring  furniture,
fixture and equipment maintenance at the resorts.  During the three months ended
September 30, 1997,  an expansion  program was underway at the Boca Raton Resort
and Club.  The  expansion  included  an 18 court  tennis club (that added to the
existing  12  courts  located  in a  separate  complex),  a new  Bates  designed
championship golf course and a new 140,000 square foot conference center.

Under covenants  contained in a senior note secured by the Boca Raton Resort and
Club,  the Company is required to deposit  excess  operating  cash into  reserve
accounts  which are  accumulated  and restricted to support future debt service,
facility expansion, furniture, fixture and equipment replacement and real estate
tax payments.  Additionally, loan and/or management agreements for certain other
resorts require the maintenance of customary capital  expenditure  reserve funds
for the replacement of assets.  These reserve funds are classified as restricted
cash on the Consolidated Balance Sheets.

Cash Provided By Financing Activities

Cash  provided  by  financing  activities  amounted  to $10.1  million and $73.6
million during the three months ended September 30, 1998 and 1997, respectively.
The Company  received  $10.2 million in  borrowings,  net of  repayments,  under

<PAGE>

credit  facilities  during the three months ended September 30, 1998. During the
three months ended  September 30, 1997, the Company  received  $108.8 million of
net proceeds from the underwritten public offering of Class A Common Stock, $.01
par value, partially offset by the repayment of $35.0 million of debt.

Capital Resources

Management  believes  the Company can  continue to obtain  sufficient  financial
resources  to  support  ongoing   operations.

The  Company's  capital  resources  are provided from both internal and external
sources.  The primary capital resources from internal operations include revenue
from (1) room rentals,  food and beverage sales,  retail sales, golf, tennis and
marina  services  and  conference  services at the  resorts,  (2)  Premier  Club
memberships  at the Boca  Raton  Resort and Club and (2)  ticket,  broadcasting,
sponsorship  and other  revenue  derived  from  ownership of the  Panthers.  The
primary  external  sources  of  liquidity  have  been  the  issuance  of  equity
securities and borrowing under term loans and lines-of-credit.

The Company's  short-term  debt,  which matures in December 1998,  consists of a
bridge loan in the amount of $218.0 million and a note payable for $99.8 million
originated in connection  with the  acquisition of the Arizona  Biltmore  Hotel.
Management is currently  reviewing financing  alternatives,  including extending
the bridge loan or encumbering  certain of the resort and sports assets to raise
capital and retire its currently outstanding short-term indebtedness.

Financial Condition

Significant  changes in balance  sheet data from June 30, 1998 to September  30,
1998 are discussed below.

Restricted Cash

Restricted  cash  increased to $34.2  million at  September  30, 1998 from $29.3
million at June 30,  1998.  Restricted  cash  increased  primarily  because  the
Company  collected  monies in its  capacity as the  operator of the National Car
Rental Center.

Property and Equipment

Property and  equipment  increased to $999.9  million at September 30, 1998 from
$959.2  million at June 30, 1998.  The Company  spent about $29.7 million on the
acquisition of land in Naples and Plantation,  Florida.  Other capital  spending
during  the  three  months  ended   September  30,  1998  related  to  continued
development and construction at Grande Oaks Golf Club, continued construction of
the 122 guest room addition at the Arizona  Biltmore  Hotel and other  recurring
furniture, fixture and equipment maintenance at the resorts.

Other Assets

Other assets increased to $19.4 million at September 30, 1998 from $13.1 million
at June 30, 1998. Most of the increase  relates to payment of signing bonuses to
Panther players.  Signing bonuses are capitalized and amortized over the life of
a player's contract.

Current Portion of Deferred Revenue

Current portion of deferred revenue  increased to $68.1 million at September 30,
1998 from $35.1  million at June 30, 1998.  Approximately  $24.0  million of the
increase  relates to deposits  for advance  suite and seat sales at the National
Car Rental  Center.  Additionally,  approximately  $7.3  million of the increase
related to receipts of  membership  fees and annual dues of the Premier  Club at
the Boca Raton Resort and Club.  The  membership  fees are recognized as revenue
over the estimated life of the membership. The annual dues will be recognized as
revenue ratably over the membership year, which commenced on October 1.

<PAGE>

Long-Term Debt

Long-term debt increased to $228.3  million at September 30, 1998 from $217.8 
million at June 30, 1998. The increase  occurred  because the Company borrowed 
under its $35 million credit facility.

Year 2000

The Year 2000 issue relates to whether computer systems will properly  recognize
and process  information for dates in and after the year 2000. Systems unable to
adequately  process  dates beyond the year 1999 could fail or produce  erroneous
results  if they  are  not  corrected.  Significant  uncertainty  exists  in the
software industry concerning the potential consequences that may result from the
failure of software to adequately address the Year 2000 issue.

The Company has  reviewed  all software  and  hardware  used  internally  in its
support  systems to determine  whether  such  software and hardware is Year 2000
compliant.  Most of the Company's  software is Year 2000  compliant.  Management
expects to have the remaining Year 2000  compliant  systems in place by December
31,  1998.  Management  also  intends  to  implement  and test  these  Year 2000
solutions  prior  to any  anticipated  impact  of the  Year  2000  issue  on the
Company's systems. To date, the Company has incurred costs of less than $100,000
in its  Year  2000-compliance  program.  Management  does not  believe  that the
aggregate  cost for fully  addressing  the Year  2000  issue  will be  material.
Management  cannot  predict the effect of the Year 2000 issue on  entities  with
which  the  Company  transacts   business,   and  cannot  assure  the  Company's
stockholders  that the effect of the Year 2000 issue on such  entities  will not
have a material adverse effect on the Company's business, financial condition or
results of operations. Management is formulating a contingency plan with respect
to entities with which the Company does business.
 
Forward Looking Statements

Some of the information in this report may contain  forward-looking  statements.
Such statements can be identified by the use of forward-looking terminology such
as  "may",  "will",  "expect",  "anticipate",  "estimate",  "continue"  or other
similar words. These statements discuss future expectations, contain projections
of  results  of   operations   or  of   financial   condition   or  state  other
"forward-looking" information. When considering such forward-looking statements,
you should keep in mind the risk factors and other cautionary statements in this
report.  The risk factors  noted in this  section,  including  certain known and
unknown risks and  uncertainties,  could cause the Company's  actual  results to
differ materially from those contained in any forward looking statement.

These risk  factors  include,  among  others,  the  Company's  ability to obtain
financing on acceptable terms to meet operating expenses and finance its growth,
competition  in the Company's  principal  businesses,  the Company's  ability to
integrate and successfully  operate acquired businesses and the risks associated
with  these   businesses,   the  Company's  ability  to  develop  and  implement
operational  and financial  systems to manage rapidly  growing  operations,  the
Company's limited history of operations in the leisure and recreation  business,
the Company's  dependence on key personnel and the Company's ability to properly
assess and capitalize on future business opportunities.


Item 3. Quantitative and Qualitative Disclosures About Market Risk

        Not Applicable.

<PAGE>

Part II - Other Information

Item 1.  Legal Proceedings

         There has been no material change in the status of legal proceedings as
         described under Item 3., Part I to the Company's  Annual Report on Form
         10-K for the year ended June 30, 1998.

Item 2.  Changes in Securities

         None.

Item 3.  Defaults Upon Senior Securities

         None.

Item 4.  Submission of Matters to a Vote of Security Holders

         None.

Item 5.  Other Information

         None.

Item 6.  Exhibits and Reports on Form 8-K.

(a)      Exhibits

         Number            Description

         27.1              Financial Data Schedule

(b)      Reports on Form 8-K

         None.

<PAGE>

                                   SIGNATURES

Pursuant to the  requirements  of the Securities Act of 1934, the registrant has
duly caused this report to be signed on its behalf by the undersigned  thereunto
duly authorized.

                                                 FLORIDA PANTHERS HOLDINGS, INC.


Date:    November 12, 1998            By:WILLIAM M. PIERCE
                                         William M. Pierce
                                         Senior Vice President, Treasurer and
                                         Chief Financial Officer 
                                         (Principal Financial Officer)

                                      By:STEVEN M. DAURIA
                                         Steven M. Dauria
                                         Vice President and Corporate Controller
                                         (Principal Accounting Officer)