Neil Alexander admits a lack of firepower eventually caught up with Rangers as Zenit St Petersburg proved too strong in the UEFA Cup final.
Rangers scored just five goals after parachuting into the last 32 from the Champions League - the fewest ever needed to take a team all the way to the final.
Success had largely been build around a solid defence which had conceded just two goals in eight games against Panathinaikos, Werder Bremen, Sporting Lisbon and Fiorentina.
Thanks to goalkeeper Alexander and his back four, Rangers managed to frustrate Zenit for 72 minutes before goals from Igor Denisov and Konstantin Zyrianov allowed the Russians to claim the trophy.
Jean-Claude Darcheville was given the responsibility of being the lone striker before Nacho Novo and Kris Boyd were thrown into the action with Rangers desperately chasing the game.
"We knew what to expect," said Alexander.
"They are a very good team and they have shown that with their own European campaign in getting to the final.
"I thought we played well, we defended well, but we maybe just didn't create that little spark in the last third which could have given us the chance to make a goal.
"We had a few half-chances but nothing clear-cut, which is disappointing. We made it hard for them and we frustrated them.
"We were a little unlucky with the goal, the first initial pass went through Carlos' [Cuellar] legs, but credit to the boys for putting in a good finish and it just wasn't to be our night."
Alexander added: "Over the course, we have played some good teams. Werder Bremen were a very good team and I think Zenit are up there with the likes of them.
"We knew they were a good team and they wouldn't have got to the final if they weren't. They put out Bayer Leverkusen and Bayern Munich so we knew what to expect and we got what we expected.
"They were a good team, very experienced, and they have spent a lot of money. We are not making excuses - we maybe just weren't good enough on the night."
Despite returning empty-handed to Glasgow, Alexander insists Rangers still deserve credit for an enduring European run that surprised most observers.
He said: "I'm gutted really, very disappointed. But I thought we gave a good account of ourselves and the boys can go away with our heads held high.
"We can be very proud of ourselves. We've got a great bunch of lads who want to win as much as we can.
"It's been a fantastic European campaign and we have surprised a lot of people."
Alexander insists Rangers will be able to switch their attention towards completing a domestic treble, with the Clydesdale Bank Premier League title and the Scottish Cup still up for grabs.
He said: "We've got a massive game [at Motherwell] on Saturday and a vital run-in in the league. Then we've got the Scottish Cup final to look forward to.
"We have two more trophies to hopefully bring back to Ibrox and so much to play for so it's vitally important we get over this disappointment. I'm sure, with the importance of the games coming up, that we will.
"If we can win the domestic trophies, it will still be a fantastic season for us. This has been an added bonus and we are disappointed because we fancied our chances and we thought we could have won the game.
"It just wasn't to be but there is always next year."
Around 150,000 Rangers fans invaded Manchester for the match, while thousands more watched the action at a beamback party at Ibrox.
"That's why it's been so disappointing," admitted Alexander.
"There were tens of thousands of fans in Manchester and at Ibrox, as well as at the game. We would have liked to have given them a great night and something to celebrate.
"But I'm sure they are proud of the boys and the way we played in what was an unexpected final. Hopefully we can give them something to cheer with the league and the Scottish Cup."
