CHALLENGING for silverware in Europe is a world away from where Rangers find themselves now.

The Ibrox club has just spent the season competing in the bottom tier of Scottish football.

Ally McCoist's team has pitted itself against part-time sides, often with disappointing results, in the Third Division during the last nine months.

To be taking on – and, what's more, beating – the cream of the continent's clubs seems a highly fanciful ambition.

Under Uefa rules, Rangers will not even be eligible to play in European competition until they have filed audited accounts for three consecutive years.

Given the uncertainty that continues to shroud the Govan club as an investigation is conducted into their business dealings, there is no guarantee that will happen.

Nevertheless, Nacho Novo, the hero of their unforgettable run to the Uefa Cup final in 2008, still believes that is where his old club should aspire to be.

The little Spaniard, who famously netted the winning penalty in the semi-final against Fiorentina in Italy, still struggles to comprehend what has happened to his beloved Rangers.

For it was just five years ago next week they lost 2-0 to Zenit St Petersburg in the City of Manchester Stadium.

Novo is adamant a club of such size and stature, and with such a large and vociferous support, belongs at that level.

"The Uefa Cup run Rangers went on in 2008, and the semi-final against Fiorentina especially, was a very good experience," he reflected.

"When I look back on my career it was the probably the greatest thing I was involved in. And we won a lot of trophies and leagues when I was at Rangers.

"I was happy to be a part of it. It was a very special time for all of us at the club, for all of the players, the coaches and our manager, Walter Smith.

"But I was happy for every single Rangers fan. To see the happiness that our performances in Europe gave them was unbelievable. For me, that was the most important thing.

"The time since the final has passed so fast. But I will always remember what happened in the Uefa Cup that season for the rest of my life."

Novo added: "The club is going through some difficult times just now. They have been put into the bottom division this season. They have been unable to buy any players.

"But I definitely think the club should ultimately be looking to take part in Europe and enjoy the sort of experiences we did again in the future.

"Obviously, everything needs to get sorted out behind the scenes at Rangers before the club can move on and get back to where they belong. Hopefully that will happen.

"Despite where Rangers are now playing, it is still a massive club. I am sure that in years to come they will get back to the very top and will be back competing at the top in Europe."

That was where Novo and his Rangers team-mates found themselves, much to their, and many other people's, surprise, back in the 2007/08 season.

Smith's side had started off in the Champions League and produced some note- worthy results after qualifying with victories over FC Zeta and Crvena Zvezda.

They beat German club Stuttgart 2-1 at Ibrox and then French champions Lyon 3-0 in the Stade de Gerland in what was, at the time, described as one of the best European results in their history.

A highly credible 0-0 draw with Spanish giants Barcelona, Henry, Messi, Puyol et al, followed in Glasgow using the ultra-defensive tactics that would serve them well in the months that followed.

But they failed to qualify for the knockout stages after losing to Barcelona and Stuttgart away and crashing to a 3-0 defeat to Lyon at home.

It turned out to be the best thing that happened to them. They went on to knock out Panathinaikos, Werder Bremen, Sporting Lisbon and, memorably, Fiorentina to make the final.

Novo recalled: "I don't think many people gave us a chance of doing well in Europe that season, but we defied them every step of the way in the Champions League and in the Uefa Cup.

"That team didn't know when it was beaten. Time and again people thought we were out of it and time and again we went through. At times, we had to defend as if our lives depended on it.

"In the game against Fiorentina in Italy especially, we had our backs to the wall. But big Davie Weir, Carlos Cuellar and Kirk Broadfoot were amazing that night.

"We took it to penalties and it came down to mine to send us through. It was an unbelievable feeling when it went in, something I will never forget as long as I live.

"I thought we played well in the final against a very good Zenit team. I came on in the second half and was unable to stop us losing 2-0.

"But just to be there was an achievement for the boys and it makes me very proud to look back on it now."