RANGERS 1 PANATHINAIKOS 3
It had all started do well for The Gers, with Michael Mols opening the scoring, but goals from Raimondas Zatautas, Angelos Basinas and Michalis Konstantinou condemned them to bottom spot in Group E and not even a place in the Uefa Cup.
In truth the Scottish champions have nobody to blame but themselves.
Going in at half time with the score at 1-1 Rangers should have stepped up the pace, but after a frustrating 15 minutes, in which Konsantinou had rattled the post, it was Basinas who lit up the game with a spectacular strike from range.
The Greece international was fully 35 yards out when he struck a barnstorming drive that flew past hapless Steffan Klos in the Rangers goal and left the home side on the ropes.
It was Konstantinou that provided the knock-out blow - Joel Epalle racing through on the counter-attack and laying the ball through to his team-mate who easily lifted the ball over Klos to end the game as a spectacle.
Rangers had perhaps expected more ambition from the Greek side in the opening exchanges, and looked a little surprised with the space they were afforded.
After gently probing the space around the Panathinaikos defence Rangers finally found a way through when Michael Ball curled in a delightful cross.
Mols was by no means left an easy chance with his head, but his effort was well placed, and goalkeeper Antonis Nikopolidis could only help it into the back of the net.
The leveller was swift, and against the run of play - with Zutautas smashing home a wonderful low drive, that left Klos clawing at thin air.
At that stage it was difficult to envision that the Greek side would go onto dominate the game - but in the second half it was certainly the case.
Rangers are out, not only of the UEFA Champions League but of European competition - and the harsh truth is they only have themselves to blame.
| | Rangers | Panathinaikos |
| Possession % | 54% | 46% |
| Goals | 1 | 3 |
| Shots on target | 3 | 5 |
| Shots off target | 3 | 3 |
| Blocked shots | 3 | 0 |
| Corners | 6 | 2 |
| Fouls | 17 | 16 |
| Offsides | 3 | 3 |
| Yellow cards | 1 | 2 |
| Red cards | 0 | 0 |
 | ||
