The Scottish and English giants both featured at a six-a-side tournament named ‘Euro Sixes’, which took place in front of 21,000 fans at Ajax’s Amsterdam Arena.
As well as Rangers and Liverpool, Ajax and AC Milan also featured in the mid-season tournament, which occurred in January 1997.
According to Balls.ie, the tournament was sponsored by Sony and each club were awarded £125,000 for participating.
The competition was won by AC Milan, who beat hosts Ajax in the final.
Rangers and Liverpool battled it out for third place. After the two sides could not be separated in regulation time, the match was decided by a bizarre ‘five seconds to score shootout’.
Players started on the half-way line and, after the buzzer went off, they had five seconds to run towards the goal and score.
It made for incredible viewing and you view how the shootout went below…
Michael Owen, who had only just turned 18, found the net for Liverpool, but Steve McManaman, Stan Collymore and David James all spurned their efforts.
It all came down to Rangers legend Ally McCoist and he made no mistake to win his side the match and third place in the tournament.
View some reaction to the bizarre but brilliant shootout below…
When two teams can’t be separated, matches are usually decided by penalties, which take place from 12 yards out.
The system has come under criticism in the past.
Maybe, just maybe, the ‘five seconds to score shootout’ could make a comeback and replace penalties.