Arsenal almost saw it through for two hours in Budapest.

The Premier League title had already been secured. The “bottle job” jokes that had plagued Mikel Arteta’s side for the past few seasons had largely disappeared. What was left was the biggest prize of them all.

The trophy that has haunted the club for generations sits attractively beside it. The trophy that slipped through Arsene Wenger’s fingers in Paris in 2006. That trophy remains the final piece missing from Arsenal’s modern revival under Mikel Arteta.

Then football did what football often does.

It waited till the end before causing heartbreak.

PSG vs Arsenal, UEFA Champions League Final: highlight

Paris Saint-Germain successfully defended their UEFA Champions League title by beating Arsenal 4-3 on penalties after a tense 1-1 draw at the Puskas Arena on Saturday night. The French champions retained their place on the throne of European football, while Arsenal were only left to celebrate their Premier League title, their dream of finally becoming champions of Europe delayed once again.

The images that persist are unlikely to be punishments themselves. Instead, it will be Thierry Henry and Ian Wright staring from the stands, watching another Arsenal side come within touching distance of history before missing out.

For Arsenal, it became the third major European final defeat in club history.

• Valencia in Brussels in 1980.
• Galatasaray in Copenhagen in 2000.
• And now PSG in Budapest in 2026.

Meanwhile, for PSG, this win has a different significance.

PSG are the new European royalty

Winning the Champions League is difficult. Defending it is where great teams reveal themselves.

Real Madrid made it a regular thing between 2016 and 2018, but history suggests otherwise. Before Madrid’s three-peat, it took only AC Milan in 1989 and 1990 to make a successful title defence.

There was no possibility of inevitability on PSG’s path to a return to the final either.

The free-flowing PSG team that tore apart Inter Milan in Munich a year ago looked very different this season. Injuries disrupted their rhythm, Ousmane Dembele missed parts of the season, and inconsistent results during the league stage left the defending champions facing an awkward playoff route. Yet somehow he found solutions at every turn.

Luis Enrique’s side beat Monaco in a playoff thriller. Chelsea was demolished. Liverpool were sidelined. Bayern Munich lost in a semi-final that often seemed worthy of a final.

The route was more chaotic than in previous seasons.

The destination remained exactly the same.

Arsenal’s dream start

If Arsenal fans could choose the perfect start, this would be it.

Just six minutes into the final, Marquinhos failed to deal with a loose ball and the ricochet fell to Kai Havertz. The German raced towards goal and fired past Matvey Safonov to give Arsenal an early lead and send the red half of the Puskás Arena into frenzy.

From there, PSG had plenty of the ball but very little joy. Dembele continued to look for openings throughout the attack, Kvaratskhelia tried to create some instigation from the flanks, and Desire Dou constantly looked for space between the lines. Yet Arsenal’s defense refused to budge. Saliba and Gabriel stood solid at the back, while Declan Rice seemed to be everywhere at the same time.

PSG’s frustration grew as the half progressed. His appeal for handball against Bukayo Saka inside the box was rejected by both the referee and VAR, while a steady flow of corners failed to bring the breakthrough they desperately wanted.

In fact, Arsenal came closest to scoring again. Deep into stoppage time, Havertz almost got his second of the night, before Marquinhos recovered brilliantly to deflect the effort and keep PSG alive.

The statistics may have been in PSG’s favour, but the scoreline belonged to Arsenal. As the players headed towards the tunnel, Mikel Arteta’s side looked every bit like a team that believed history was finally within reach.

How did PSG find a way back?

The expectation at half-time was that PSG would come out of the blocks.

Instead, Luis Enrique’s side remained patient.

Despite lagging behind, there was no panic. PSG continued to move the ball, probing for openings and trusting that Arsenal’s defensive wall would eventually be broken. Kvaratskhelia began to get more space, Dou began to create dangerous positions between the lines, and Dembélé’s movement was causing problems in the Arsenal backline.

The pressure finally paid off in the 61st minute.

Mosquera tackled Kvaratskhelia inside the box and the referee was left with no option. Dembele stepped up and buried the penalty into the bottom corner after David Raya miscalculated. After knocking on the door most of the night, PSG finally got an equaliser.

Arteta reacted quickly, withdrawing the booked Mosquera and introducing Victor Gyöckeres as Arsenal tried to regain some attacking threat. But the flow of the game had changed. PSG were dictating the pace, while Arsenal increasingly focused on protecting their box.

However, neither side could find a winner.

When punishment becomes destiny

As extra time passed, the final became a battle of quality as well as patience.

By the second half of extra time, many of the players who had defined the night were not involved. Dembele was out, Quaratskhelia was out, Vitinha was struggling with injury and even Marquinhos was withdrawn. PSG’s penalty plans suddenly looked a lot less straightforward than before kick-off.

Arsenal, meanwhile, appeared better prepared for the shootout. Declan Rice, Eberechi Eze, Gabriel Martinelli, Victor Gyöckeres and Gabriel Magalhaes all remained on the pitch, giving Arteta plenty of reliable options from the spot.

On paper, the advantage was the Gunners.

Football had other ideas.

Duay, Goncalo Ramos and Hakimi all converted confidently for PSG. Arsenal then got off to a big start when David Raya denied Nuno Mendes and made the only save of the shootout.

Then came the moment that would haunt the Gunners for years to come. Gabriel Magalhaes stepped forward needing to score to keep Arsenal alive, only to send his effort over the bar.

And just like that, it was over.

Arsenal had a hand in history. PSG had other plans.

After 120 minutes of tension, drama and panic, it all came down to a few kicks from 12 yards out. PSG maintained their composure, Arsenal did not.

The defending champions arrived in Budapest with the trophy and left again with it.

– ends