What a feat by Rangers. Just one season ago, the proud Scottish club were on their knees, lagging 15 points behind Celtic on the domestic front and in dire need of restoration under Walter Smith. Yet here they are in the Uefa Cup final, having reconstructed the Ibrox defence they used to call “the Iron Curtain” to hold off Fiorentina over 120 minutes and penalties in Florence last night.

This is no time for picking over the Rangers style of play — let the art critics do that later — as they continue their attempt to lift a remarkable four trophies this season. For Smith and his players it is an heroic effort, and maybe not before time. As a club, Rangers view themselves among the European elite and 36 years was too long to have waited before reaching another European final, after their Cup Winners’ Cup success of 1972.

Three nights ago, Smith watched his old friend, Sir Alex Ferguson, take Manchester United to the Champions League final in Moscow. On May 14, Smith will lead Rangers out at the City of Manchester Stadium into their own final against Zenit St Petersburg, coached by Dick Advocaat, the former Rangers manager. Today, those sons of Glasgow — Smith and Ferguson — will be clapping each other on the back.

The game went through a gruelling 120 goalless minutes before Rangers won 4-2 in a penalty shoot-out, in part thanks to a marvellous save by Neil Alexander from Fabio Liverani. Christian Vieri, who had spent half the night missing chances for Fiorentina, blasted one of his team’s spot-kicks over before Nacho Novo sealed victory.

“To be honest, I thought European finals were well in the past for me,” Smith, the Rangers manager, said. “But when you think of the short space of time we’ve had to lift the spirit and determination of this team, that’s what makes tonight so fantastic. We knew we would come under a lot of pressure here but we handled it extremely well.”

Rangers’ success was marred by Daniel Cousin’s sending-off after 109 minutes, when he was shown a second yellow card for going head to head with Liverani. It was not a head-butt as such, although Cousin was reckless and will miss the final as a result. “He has paid a price, though thankfully it didn’t cost the team,” Smith said.

David Weir and Carlos Cuéllar were heroic at the heart of the Rangers defence, while the range of passing and sheer energy of Barry Ferguson were something to behold. So what an irony that it was Ferguson, the captain, who allowed Sébastien Frey to save his opening penalty.

Rangers played much composed football. With Kevin Thomson back beside Ferguson, they stamped their authority in the middle of the pitch. The pair swept the ball about sweetly for Rangers, who enjoyed passages of possession without threatening to hurt their opponents. In the cat-and-mouse after a goalless first leg, this is how it was to be for Smith’s side.

But it became entirely predictable after the break — Rangers came under siege. Wave upon wave of Fiorentina attacks poured towards Alexander’s goal and the Scottish team began to rock on their heels. From Adrian Mutu’s lovely run and cross, Giampaolo Pazzini fired over from eight yards and then Mutu struck a free kick that fizzed feet wide of Alexander’s right post.

Rangers came under assault and when Weir fouled Pazzini and was booked for his efforts, Mutu’s subsequent free kick was blocked — just — by Alexander as Pazzini closed in on him.

Vieri, who replaced Pazzini and had already missed twice, charged through to shoot wide and then Novo came close for Rangers. It was a night of brinkmanship for Rangers that was to end in unlikely glory.

Fiorentina (4-3-3): S Frey — M Jorgensen, A Gamberini, T Ujfalusi, M Gobbi — M Donadel (sub: Z Kuzmanovic, 42), F Liverani, R Montolivo — M Santana (sub: F Semioli, 94), G Pazzini (sub: C Vieri, 79), A Mutu. Substitutes not used: V Avramov, D Dainelli, P Osvaldo, M Pasqual.

Rangers (4-1-4-1): N Alexander — K Broadfoot, D Weir, C Cuéllar, S Papac — B Hemdani — S Davis (sub: N Novo, 80), B Ferguson, K Thomson, S Whittaker — J C Darcheville (sub: D Cousin, 65). Substitutes not used: G Smith, T Buffel, K Boyd, C Dailly, A Faye. Booked: Thomson, Weir, Cousin. Sent off: Cousin.

Referee: F de Bleeckere (Belgium).