Glasgow Rangers struggle to draw in debut at basement of Scottish football

(CNN) -- Glasgow Rangers, the one-time giants of Scottish football, have been humbled in their debut at the basement of the country's football league.

The club only managed a 2-2 draw in their first game away at Peterhead, a team without any full-time players which has spent much of its time in the bottom division which Rangers have now joined following their collapse with debts of over $200 million earlier this year.

In what could have been an embarrassing start to Rangers' life in the lower leagues, Peterhead overturned an opening goal against them and lead 2-1 for most of the second half.

The Glasgow side had eight internationals on the pitch and they dominated possession, yet struggled to do anything with the ball until the 90th minute, when Andrew Little tapped home a rebound after Kevin Kyle's header hit the bar.

A record crowd of 4,485 packed into the tiny Balmoor stadium -10 times the average attendance at the ground.

After the game, Rangers manager Ally McCoist told BBC Radio Scotland: "I felt we defended appallingly to be honest. We didn't match their aggression and if our boys at any time thought this was going to be a cakewalk they know where they are now.

"I am not going to start panicking but overall I still think we will play better and we'll certainly pass the ball better but enormous credit must go to Peterhead."

Feature: Why Rangers' financial meltdown should worry European football

Cash-strapped Rangers went into administration earlier this year and a new company was formed to allow them to continue as a professional team.

Glasgow Rangers secured a record-extending 54th Scottish league title at the end of the 2010-11 season with a thumping 5-1 win at Kilmarnock on the final day.

Former Rangers manager Walter Smith, left, celebrates with his assistant Ally McCoist. Smith's 10th league crown with the club was also his last -- as he retired and passed on the reins to his number two.

McCoist is a club legend, having spent 15 years at Rangers as a player. He won 10 league titles, one Scottish Cup and nine Scottish League Cup crowns. He scored 250 goals for the club and twice won the European Golden Boot. He is enduring a turbulent first season as coach.

Graeme Souness is credited with triggering a Rangers revival in the late 1980s that led them to be dubbed the richest club in Britain. The former Liverpool player recruited a host of top English stars, success followed and crowds flocked to Ibrox.

The Scottish league's biggest draw is the "Old Firm" rivalry between Rangers and Glasgow neighbors Celtic. The games are fiercely contested and transcend the usual footballing boundaries given Rangers' Protestant heritage and Celtic's Catholic backing.

The Old Firm games always inflame passions and often result in several flashpoints. During this match in 1985, a group of Rangers players took exception to Celtic striker Frank McAvennie. Celtic insist the potential demise of Rangers won't affect them, but Scottish football experts disagree.

Rangers fans have reacted with bewilderment to the developments at Ibrox, venting their anger at the club's owner Craig Whyte and his predecessor David Murray. But they are adamant their club will survive.

Many Celtic fans have reveled in their neighbors' discomfort, while chief executive Peter Lawwell has rejected claims Celtic need Rangers to thrive. "We look after ourselves," he said. "We don't rely on any other club." Manager Neil Lennon, left, who had a touchline bust up with McCoist earlier this season, agrees.

Scottish champions

Walter the wizard

Manager McCoist

The Souness revolution

The Old Firm

Derby passion

Keeping the dream alive

Lennon's Celtic

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Rangers: From riches to rags

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They were subsequently expelled from the Scottish Premier League (SPL) and had to turn to the lesser SFL for next season.

Rangers have been regulars in the European Champions League since its inception. They won the European Cup Winners' Cup in 1972 and as recently as 2008 were runners-up in the UEFA Cup (Now Europa League).

SPL chief executive Neil Doncaster and his Scottish Football Association counterpart Stewart Regan both lobbied for Rangers to be placed in the SFL Division One so they could secure a quick return to the top flight, but their pleas were ignored.

Rangers went into administration on February 14 this year following court action from UK tax officials.

Businessman Charles Green purchased the assets of the club for £5.5 million ($8.55m) and they were transferred into a new company in June.