LEE Wallace hopes the hurt of Rangers' 5-1 Old Firm mauling at Celtic Park will prove powerful motivation to ensure that the Ibrox side never experience the same sensation again.

Former manager Ally McCoist said in the build-up to this match that the Ibrox side were "two or three years" away from becoming a dominant force again and that seemed a reasonable assessment after a comfortable home victory in the first league meeting between these teams for four years, even if Rangers finished the match with ten men following the dismissal of Philippe Senderos.

While Wallace respects McCoist's opinion, he and his current manager still hope to mount a credible challenge for the title before that. Their Old Firm rivals are already chasing their sixth title in a row, and will generate something in the region of £20m from the Champions League this season.

Read more: Wallace: Rangers haven't hit the heights of last year yet and we need to turn it around quicklyThe Herald: Celtic's Mikael Lustig (left) with Lee Wallace

"I have to respect my old manager," said Wallace. "He is much more entitled to make these comments than I am. I have been at the club for six years but only really tasted top flight action in the first one, when we all know what happened at the end of it.

Read more: Wallace: Rangers haven't hit the heights of last year yet and we need to turn it around quickly

"I saw all the build-up with the legends of both club and of course, you have to sit and you have to listen and you have to respect that, albeit that we want to do it a lot sooner than that," he added. "There is no doubt about that. Our manager just now will certainly share the belief that we want to do it a lot sooner than that.

"We will be working as hard as we can and using this disappointment. We never want to feel the pain we felt today ever again. We have to use that as motivation to get ourselves back going, to quickly move on and be better for today."