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Mikel Arteta’s side took an early lead through Kai Havertz, but PSG equalised in the second half via a penalty from Ousmane Dembélé to force extra time and eventually a shootout.
Luis Enrique’s side became only the second team in the Champions League era, after Real Madrid, to win the competition in consecutive seasons, marking their third European crown for the Spanish coach.
PSG’s win continues a dominant run under Luis Enrique, while Arsenal suffered another painful final defeat two decades after their 2006 loss to Barcelona.