RANGERS waited a decade to be able to dare to dream in the Champions League. Time will tell if a nightmare two minutes has turned those ambitions into a nightmare.

Steven Gerrard’s side will return to Glasgow with it all to do against Malmo, but not quite as much as feared until the final seconds in Sweden. The play-offs remain in their sights. Just.

Goals from Soren Rieks and Veljko Birmančević condemned Rangers to defeat. A late, late strike from Steven Davis changed the complexion of the tie, though, and Gerrard’s side are very much still in this one as a capacity Ibrox awaits next Tuesday.

There have been some memorable evenings of European action under the floodlights during Gerrard’s reign. The second leg of this tie could be the best of them all, and by some way.

A support that has been starved of Champions League action will take their seats for a night of drama, of passion. It could yet be one of glory for Rangers as they salvaged something in Sweden and showed the mark of champions that got them there in the first place.

There was a feeling of fate when Rangers clinched their Premiership title in March. Six years after the regime change that set them on the road to 55, they would mark the anniversary in the perfect possible fashion.

That achievement was rewarded with the chance to take to this stage once again as another quirk of the calendar came to the fore. Ten years to the day after their last appearance at this level, as Ally McCoist’s side suffered a 2-1 defeat to Malmo, Rangers returned to the Champions League with a spring in their step.

It was an occasion that supporters had looked forward to for some time, a moment that Gerrard and his players had to make the most of. In truth, Rangers didn’t do themselves justice, but the group stages remain an ambition despite this defeat.

The journey back to the top of Scottish football was a long and winding one for Rangers. From the farce of Progres, Gerrard has made Rangers a force at Europa League level. The challenge this term was to prove that his side could make that step up.

It would instead become a harsh lesson. On a night when so much was expected, Rangers failed to deliver as they suffered a third successive European defeat under Gerrard’s guidance.

Much has happened on and off the park since Rangers were last in European action but that defeat to Slavia Prague, on a dark and controversial night at Ibrox, had an impact here five months on.

Gerrard was without Leon Balogun, Glen Kamara and Kemar Roofe through suspension. There was no place for Joe Aribo, while Alfredo Morelos didn’t make the trip following his return to Glasgow after his time at the Copa America.

The main selection issue that Gerrard had to face was to choose between Cedric Itten and Fashion Sakala. As Ryan Kent and Scott Wright joined in the attack, it was Itten that got the nod through the middle.

The onus was on Itten to hold the ball up and provide a focal point to the attack, to put his own stamp on the role that Morelos has performed with such aplomb over the last three seasons at European level.

It was a duty the 24-year-old performed well, but the absence of Morelos was laid bare here. His inclusion wouldn’t have eradicated the disastrous defensive errors, but it would have given Rangers more of an edge at the other end of the park.

The openings that Rangers created were half chances rather than clear cut, but Gerrard’s side were solid defensively before the break and would establish themselves after a somewhat sluggish start.

Scott Arfield couldn’t get enough on his effort after being picked out by James Tavernier, while Wright was denied after a neat move saw him burst through the Malmo defence.

It was Kent who would come closest. Tavernier ended a Malmo attack and started a Rangers one in the same challenge as he won the ball and then set off down the right flank.

The captain would pick out Kent in the middle of the area. He was right to take a touch, but that allowed Malmo to close him down and he was smothered as keeper Johan Dahlin was once again untested.

There was enough for Gerrard to be encouraged about at the break. Within minutes of the restart, Rangers had it all to do as uncharacteristic defensive lapses cost them.

A cross from Birmancevic should have been dealt with relatively comfortably. John Lundstram wouldn’t get close enough to Rieks, however, and the finish was clinical as Allan McGregor was left helpless and rooted to the spot.

Just seconds later, he would have to pick the ball out of the net once again as Rangers were left shell-shocked. From a position of comfort, they were suddenly up against it.

Errors from Tavernier and Connor Goldson were punished as Birmancevic’s low shot went in off the far post. At the worst moment, Gerrard had been let down by two of his stalwarts.

Rangers were reeling. Given the change in UEFA regulations that have eradicated the away goals rule, even one strike would only have been a scant consolation for Gerrard.

Sakala was introduced with half an hour to go. Kent and Wright had to contribute more, but so did Lundstram and Scott Arfield in the middle of the park.

As time ticked away from Rangers, it looked like their hopes of a consolation had gone. The goal that could yet be decisive came with the final kick of the game.

Davis was the unlikely hero. His strike was deflected, Dahlin was beaten and the final whistle was blown as Rangers celebrated and Malmo looked on in disbelief.

It was a crucial moment for Rangers here. The true impact of it will only be felt after another 90 minutes.