Following Souness' departure, Walter Smith went on to clinch the championship in 1991 after a dramatic last day win over title challengers Aberdeen.
Smith, with the financial backing of David Murray, continued to attract top players to the club and in season 1992-93 steered Rangers to one of the best seasons in their history. Not only did they win the domestic treble but they came to within one match of the European Cup final. Rangers saw off English Premier League champions Leeds United in a 'battle of Britain' tie. Then, in the group stage, Rangers won two matches and drew four but, despite remaining undefeated, went out to the French team Olympique de Marseille, who were later found guilty of bribing opposing teams in their domestic league to 'throw' games against them. Rangers won the double the following season but missed out on a back-to-back domestic treble after losing in the Scottish Cup final to Dundee United. Rangers again won the championship in seasons 1994-95 and 1995-96 with the help of signings such as Brian Laudrup and Paul Gascoigne. In season 1996-97 Rangers went on to win their ninth championship in a row thereby equalling Celtic's achievement of the late 1960s and early 1970s.
Season 1997-98 proved to be Walter Smith's last season as manager and Rangers were unable to win their tenth league championship in a row. Smith left Rangers and joined English Premiership club Everton. Many players also left Rangers including Brian Laudrup, Ally McCoist and captain Richard Gough.