It ends in agony for Arsenal. A penalty shootout at the Puskas Arena in Budapest has denied Mikel Arteta's side the greatest night in their history, as Paris Saint-Germain retain the Champions League — one of the rarest feats in European football.

Arsenal arrived in Budapest having already delivered something remarkable: a first Premier League title in 22 years. A European crown would have made this the most celebrated campaign the club has ever known. Instead, they leave empty-handed, broken in the most brutal fashion the game can produce.

Havertz Puts Arsenal Ahead

It is Kai Havertz who gives Arsenal hope, and what a goal it is. From a tight angle on the left-hand side of the six-yard box, after a lightning-quick reaction to Leandro Trossard's charging down of a Marquinhos clearance, Havertz lashes the ball into the roof of the net. PSG goalkeeper Matvey Safonov keeps his arms low, not expecting the shot to go high. He is caught out entirely. Havertz, who scored the winning goal for Chelsea against Manchester City in the 2021 final, comes within a shootout of doing it again on football's grandest stage.

Arsenal defend that lead with exactly the kind of intensity Arteta has made their hallmark. PSG dominate possession, as expected, but the Gunners compress the spaces superbly, frequently turning PSG's attacking runs into exercises in frustration. Arteta's decision to select Myles Lewis-Skelly over Martín Zubimendi in midfield looks inspired. The young Englishman is superb throughout.

Dembélé Levels From the Spot

PSG's route back into the match comes via the penalty spot. Ousmane Dembélé converts in the 65th minute after Cristhian Mosquera fouls Khvicha Kvaratskhelia, and from that moment, both sides know this is heading towards a single decisive moment. The final half-hour of normal time, and then the entirety of extra time, produces chances at both ends but no further goals. Nerves are completely shredded by the time the shootout arrives.

Gabriel's Miss Seals Arsenal's Fate

The shootout swings one way, then the other. Eberechi Eze, on as a substitute, misses the target in round two with a stuttering run-up — only for David Raya to keep Arsenal alive by denying Nuno Mendes in round three. It brings the tie back level going into the final regulation kick.

Up steps Gabriel Magalhães. The defensive titan who has been colossal all season, all campaign, all tournament. He needs to score to keep Arsenal in it. The referee, Daniel Siebert, briefly delays him. Gabriel goes for power. The ball clears the crossbar. The PSG end erupts in red flares.

Arsenal are out. Arteta and his players stand motionless as the golden confetti falls and Marquinhos lifts the trophy into the Budapest night sky. It is PSG's second consecutive Champions League title. For Arsenal, it is their first defeat in this competition all season — arriving at the very last moment.

A Season That Will Not Be Forgotten

Arteta has spoken previously about harnessing pain and turning it into fuel — he said as much after last season's semi-final defeat to this same PSG side. There will be more pain to process now. But this Arsenal team has shown, over the course of a remarkable domestic and European campaign, that they can compete at the very highest level. The market will already be moving on summer transfer targets, and the noises out of the club are likely to suggest they will come back stronger.

For PSG, the dynasty narrative is now unavoidable. Back-to-back Champions League titles is the stuff of the very elite. Marquinhos raises the trophy. The dream is not over. It has simply moved on — to next season, where Arsenal will want nothing more than another chance to settle this.

Frequently asked

What was the score in the Arsenal vs PSG Champions League final?
The match ended 1-1 after extra time. Kai Havertz scored for Arsenal and Ousmane Dembélé equalised from the penalty spot for PSG. PSG won the subsequent penalty shootout to retain the Champions League.
Who missed the penalty for Arsenal in the shootout?
Two Arsenal players missed in the shootout. Eberechi Eze missed the target in the second round, and Gabriel Magalhães saw his kick clear the crossbar on the final kick of the regulation five rounds, ending Arsenal's hopes.
Have PSG won back-to-back Champions League titles before?
No. Retaining the Champions League is one of the rarest achievements in European football. PSG's victory in Budapest makes them only the latest club to successfully defend the title in the modern era of the competition.