Greig made big-money signings in the pre-season 1982–83 with renewed hope that they could at least mount a serious title challenge, but once again, the season ended in trophyless failure.
Dave MacKinnon - £30,000 from Partick Thistle, Craig Paterson - £200,000 from Hibernian, Robert Prytz from Malmö FF and Sandy Clark from West Ham United, were all welcomed to the club.
Rangers reached the 1982 Scottish League Cup Final scoring en route 29 goals in there ten games and eliminated Borussia Dortmund from the UEFA Cup.
The opening eight league games saw the side unbeaten but the final match saw Rangers lying in fourth, a massive eighteen points behind champions Dundee United.
The team was knocked out of Europe after suffering a 5–0 defeat from Cologne.