On 10 January 2007, former boss Walter Smith resigned from his post as Scotland manager to return to the Ibrox helm, with Ally McCoist as assistant manager.

The following season Rangers contested the UEFA Cup after dropping into the competition from the Champions League.
The club reached the final, defeating Panathinaikos, Werder Bremen, Sporting Lisbon and Fiorentina along the way.
The final in Manchester against Zenit St. Petersburg, who were managed by former Rangers manager Dick Advocaat, ended in a 2–0 defeat.
An estimated 200,000 supporters travelled to Manchester for the event, and the 2008 UEFA Cup Final riots occurred.

The 2008–09 season saw Rangers recover from an early exit from the UEFA Champions League to FBK Kaunas of Lithuania.
The club secured its 52nd league championship on the last day of the season with a 3–0 victory at Dundee United.
Rangers also successfully defended the Scottish Cup, defeating Falkirk 1–0 in the final.

The 2009–10 season saw Rangers reach their fifth consecutive domestic final: against St Mirren in the Scottish League Cup, the club overcame a two-men deficit from red cards, a late deciding goal from Kenny Miller securing the victory.
The league championship title was retained, with three matches remaining, at Easter Road, defeating Hibernian 1–0 with a Kyle Lafferty goal.
The 2010–11 season, Smith's final season in charge, saw Rangers retain the League Cup, defeating Celtic at Hampden with a Nikica Jelavić goal in extra time.
A third consecutive title was won by beating Kilmarnock 5–1 on the last day of the season, Smith's final match in charge of the club.

Ally McCoist took over from Walter Smith in June 2011 but season 2011–12 started with Rangers eliminated from two European competitions before the end of August: losing to Swedish side Malmö FF in the Champions League third round qualifying match, and to Slovenian side Maribor in a Europa League qualifying match.
While good league form saw Rangers in top spot after being unbeaten for the first 15 games, they were knocked out of the League Cup by Falkirk and the Scottish Cup by Dundee Utd at Ibrox.
Rangers were placed into administration on 14 February 2012 resulting in the club being deducted 10 points as per SPL rules.
Though Rangers avoided having Celtic win the championship at Ibrox on 25 March by winning the game 3–2, Rangers ultimately finished 20 points behind Celtic in second place.
On 10 January 2007, former boss Walter Smith resigned from his post as Scotland manager to return to the Ibrox helm, with Ally McCoist as assistant manager.
The following season Rangers contested the UEFA Cup after dropping into the competition from the Champions League. The club reached the final, defeating Panathinaikos, Werder Bremen, Sporting Lisbon and Fiorentina along the way. The final in Manchester against Zenit St. Petersburg, who were managed by former Rangers manager Dick Advocaat, ended in a 2–0 defeat. An estimated 200,000 supporters travelled to Manchester for the event, and the 2008 UEFA Cup Final riots occurred.
The 2008–09 season saw Rangers recover from an early exit from the UEFA Champions League to FBK Kaunas of Lithuania. The club secured its 52nd league championship on the last day of the season with a 3–0 victory at Dundee United. Rangers also successfully defended the Scottish Cup, defeating Falkirk 1–0 in the final.
The 2009–10 season saw Rangers reach their fifth consecutive domestic final: against St Mirren in the Scottish League Cup, the club overcame a two-men deficit from red cards, a late deciding goal from Kenny Miller securing the victory. The league championship title was retained, with three matches remaining, at Easter Road, defeating Hibernian 1–0 with a Kyle Lafferty goal. The 2010–11 season, Smith's final season in charge, saw Rangers retain the League Cup, defeating Celtic at Hampden with a Nikica Jelavić goal in extra time. A third consecutive title was won by beating Kilmarnock 5–1 on the last day of the season, Smith's final match in charge of the club.
Ally McCoist took over from Walter Smith in June 2011 but season 2011–12 started with Rangers eliminated from two European competitions before the end of August: losing to Swedish side Malmö FF in the Champions League third round qualifying match, and to Slovenian side Maribor in a Europa League qualifying match. While good league form saw Rangers in top spot after being unbeaten for the first 15 games, they were knocked out of the League Cup by Falkirk and the Scottish Cup by Dundee Utd at Ibrox. Rangers were placed into administration on 14 February 2012 resulting in the club being deducted 10 points as per SPL rules. Though Rangers avoided having Celtic win the championship at Ibrox on 25 March by winning the game 3–2, Rangers ultimately finished 20 points behind Celtic in second place.
Rangers F.C.