It always comes as a relief when the principal protagonists in Old Firm matches are players. This was one such occasion.

In no particular order, an enthralling encounter at Ibrox included six goals, a red card and a goalkeeping blunder. Those who pore over the beautiful sides of football need not bother paying a visit to the Glasgow derby, but the first of the campaign highlighted the capacity of Rangers and Celtic to offer pulsating entertainment.

For Rangers, this was a sweet success. Front page and negative headlines about their financial position had dominated the build-up to the Old Firm game. Within recent weeks the Celtic chief executive, Peter Lawwell, even publicly mocked his city rivals.

What Lawwell and his fellow Celtic directors have secured for the balance sheet has not been replicated on the pitch. Despite off-field pressures, Rangers have claimed three Scottish Premier League titles in succession and hold a four-point advantage over their oldest foes.

The more simplistic reason for that can be found way below the boardroom, of course. Celtic's collective mind-set has to be questioned after they capitulated from a position of 2-1 in front at the break, with Neil Lennon's defenders also culpable for merely the latest time on the big occasion.

"We lost a physical battle out there," said Lennon. "People not doing their jobs cost us again. I don't want to question the players' character but I had to ask that question after the game."

To compound Lennon's frustrations, he admitted his captain Scott Brown is "going to have to be shut down for a while", as he battles with persistent ankle trouble.

Celtic's cause for hope can be found in the statistics of last season. Then, they picked up the majority of the points from Old Firm league games but still did not win the championship.

The most bizarre aspect of a pulsating opening half here was that clear-cut chances were at a minimum. Three attempts on target produced the same number of goals.

Steven Naismith broke the deadlock after returning a poor Kelvin Wilson clearance with interest. That strike only served to rouse Celtic, who had been hitherto tame as an attacking force. Gary Hooper restored parity. The Englishman offered a cool finish, having been picked out by Brown's superb reverse pass. A further twist was to arrive before the interval, and it was an embarrassing one for the Rangers goalkeeper, Allan McGregor. Badr El Kaddouri's long-range shot was speculative and hardly fierce, yet McGregor allowed the ball to slip through his hands and legs. It was a shocking blunder.

"If anybody was due a favour from our players, it was Allan McGregor and I said that to them at half-time," said the Rangers manager, Ally McCoist. "There is an argument for his form going a long, long way towards us winning the league last season. I said to the boys maybe they were due Allan a turn."

Whether it was by virtue of that motivation, or a lackadaisical attitude from the visitors, Rangers opened the second half on the front foot.

Kyle Lafferty had an "equaliser" chalked off for offside – wrongly, Rangers believed – moments after their captain, Steven Davis, had cracked a shot against the crossbar. Davis, instead, turned provider as Nikica Jelavic headed home a corner. Lennon, rightly, was particularly enraged by the concession of that goal.

Lafferty wasted two subsequent and excellent opportunities before Celtic fired a warning, Glenn Loovens heading against a Rangers post. That proved a brief revival. After watching an initial effort blocked, Lafferty shot beyond Fraser Forster to re-establish the Rangers lead at a crucial juncture.

Any prospect of a Celtic revival was fatally damaged by the enforced withdrawal of the injured Brown and a red card for Charlie Mulgrew. Having earlier been booked for a late tackle on Naismith, Mulgrew needlessly performed a similar act on Davis.

McCoist's ideal Old Firm managerial debut was given further gloss by the man who opened the scoring, Naismith. In stoppage time, the midfielder crisply converted another Davis cross.

"What do you think?" snapped Brown when asked to describe Lennon's mood. Rangers, having secured the hardly insignificant matter of Glasgow bragging rights, were sampling an entirely different kind of emotion.