Ian Black equalised on 57 minutes with a stunning strike before referee Crawford Allan awarded a controversial penalty and Jamie Hamill found the net at the second attempt after Allan McGregor had saved his initial spot kick.
The result, of course, is a huge disappointment at the end of a painful week for Rangers but Ally McCoist’s players could not have given any more given the circumstances.
No one yet knows who from the first-team squad will be made redundant on Monday with job losses, it seems, inevitable.
But there was no shortage of desire throughout the 90 minutes this afternoon and this display again highlighted the team spirit and unity that remains as the club goes through one of the toughest periods in its history.
Prior to kick-off a stunning banner display added to the already electric atmosphere with 26 supporters clubs surrounding the pitch with their colourful flags in front of 47,000 loyal bears.
And from the first whistle Rangers worked hard, kept possession well and looked to utlilise the creative skills of Sone Aluko in particular.
The game also gave the Ibrox faithful their first chance to see 19-year-old Rhys McCabe in competitive action and he started the game in the centre of midfield with Mo Edu suspended.
The youngster looked composed throughout and in the opening 15 minutes a firm elbow challenge on Black and a powerful shot from distance, which was straight at Jamie McDonald, quickly endeared him to the home support.
In the first half Hearts rarely threatened McGregor’s goal with 21-year-old Gary Glen playing as the lone striker against two experienced internationals in Carlos Bocanegra and Dorin Goian.
At the other end Marius Zaliukas and former Ger Andy Webster were also proving difficult to break down and after the half hour mark McCoist altered his tactics with Aluko joining Lee McCulloch in attack and Andy Little moving to the right flank.
This proved inspired as it was the Ulsterman that provided the assist for Rangers’ opening goal which arrived 60 seconds before the break.
Goian released the number 34 and his intelligent cut back found Davis in the box and he powered a low shot from 15 yards beyond MacDonald.
Rangers thoroughly deserved their lead and in the second half Paulo Sergio changed his approach with recent signing Craig Beattie thrown on to add a physical presence to the Jambos’ frontline.
It was the home side, however, that again started brightly and on 50 minutes a curling free-kick from McCabe was almost glanced in by Bocanegra.
On 57 minutes, however, the game was turned on its head when Hearts scored against the run of play.
Andy Driver beat Ross Perry down the left and his cross was headed towards goal by Beattie but Bocanegra was there to clear off the line.
The ball then came back to Adrian Mrowiec and when he teed up Black he curled a superb 30-yard shot over the despairing McGregor and into his far top corner.
It was a moment of quality from the former Inverness CT midfielder who, having taken pelters up to that point, clearly savoured the moment.
The goal also gave the visitors a massive lift and on 77 minutes the official elected to point to the spot although quite why he did this was still being debated by fans at the final whistle.
The Hearts fans weren’t caring though and Hamill celebrated in front of them after he hit the net from close range after McGregor had dived to his right to save his penalty.
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