After a goalless 120 minutes, Saul Niguez’s effort against the post and Thibaut Courtois’ save from Thomas Partey saw Real Madrid win 4-1 in the shootout.
Neither side would have featured in the competition in its traditional set-up, but the new format has given Zinedine Zidane his first trophy of his second spell as Real Madrid manager.
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Real Madrid finished the game with 10 men after Federico Valverde was rightly dismissed for a cynical hack on Alvato Morata as the Atletico Madrid forward raced through on goal in the 115th minute.
In a game of few chances, goalkeepers Jan Oblak and Courtois were responsible for the game going the distance, both making a number of important saves to keep their sides in the final.
Joao Felix had perhaps the best chance of normal time when Sergio Ramos presented him with a scoring chance on the edge of the area, but the forward could only drag an effort wide, a sign of what was to come in terms of the quality of finishing on show.
So how did the two teams fare? See the gallery below for our player ratings.