21:20 CET - As the ticker tape falls over the pitch in Budapest, it's time to sign off our live coverage for tonight.
There is still plenty to come from the Puskas Arena, with reaction from the press conferences as well as the key takeaways from Flashscore's David Pavek.
Later, our expert analyst, Jason Pettigrove, will pour over the data, whilst we disect a momentous occasion.
21:03 CET - As the presentation stage gets made in the Arsenal half, scenes of delirium are kicking off in the PSG end. Luis Enrique, very much the ringleader, jumping around after what is an incredible achievement for the Spanish coach.
He has swept everyone before him for the past two years in Europe. Tonight, it was not PSG's finest display, but they dug in when needed and were the cooler of the two sides, so it turned out, in the penalty shootout.
On the other side, Arsenal players receive warm applause from their travelling army. Declan Rice motions them all over to say one final farewell in a season full of highs, but this will sting, for sure.
They may have climbed to the top domestically, but one final hurdle remains on the continent.
21:00 CET - Oh, Gabriel! The centre-back fires his spot-kick over the bar to see PSG make history, by winning their second successive Champions League, becoming just the second side to do it after Real Madrid.
Spare a thought for the Brazilian, a huge moment for him, and he has missed. Arsenal, Premier League champions, were second best on the night, but to lose on penalties is always heartbreaking.
20:58 CET - It's sudden death, of course it is. Achraf Hakimi and Gabriel Martinelli both convert, meaning it's all on the last two takers...
20:55 CET - The first miss in the shooutout comes from Eberechi Eze. His stutter step defeats him, as misses the target completely. David Raya to the rescue! He guesses the right way to save Nuno Mendes' spot-kick, the tension builds...
20:44 CET - A scrambled corner and PSG get out of jail late to see the referee blow the whistle, calling time on a game, that in parts, has been cagey, a true attritional tug-of-war where neither side were able to capitalise on their chances.
To follow the shootout, kick-by-kick, use the link above, and we will be back with the final result very soon.
20:43 CET - Into the side netting for Jurrien Timber. Arsenal's joy, when it has come, has been down their right flank with Noni Madueke and the Dutchman linking well. They force a shooting opportunity, which Timber fires just wide.
Soon after, Viktor Gyokeres has a shot deflected just wide - the Gunners are finishing the stronger as we approach the final whistle.
20:40 CET - Into the final five minutes, the pace is slowing, unsurprisingly, are we going to see a winner?
20:33 CET - Just 10 minutes left in this final, and the 22 players out there look weary, the fans, nervous. PSG have a corner after once again struggling to break the Arsenal line, and it's easily cleared. Penalties, anyone? If we do get a shooutout tonight, it will be the first in a Champions League final since 2016.
20:24 CET - Half-time in extra time, and it's still remains 1-1, with the big flashpoint of that 15 minutes being the non-penalty on Noni Madueke.
Arsenal's players now gather in a huddle along with all of the backroom staff for one final rallying cry. Luis Enrique is doing the same with his PSG players - 15 minutes to define a season, for some it will create a legacy. Can someone find that all-important goal.
The xG stats for those keeping score: PSG 1.65 - 0.35 Arsenal
20:20 CET - Penalty to Arsenal?! No, the referee says, and the Gunners are incensed. Noni Madueke drives past Nuno Mendes, and goes down in the box. Declan Rice and Mikel Arteta protest for what feels like an age, both go in the book. After seeing the replay, as the VAR officials would have done too, it feels more of a coming together than an obvious foul, which we saw earlier in the game for PSG's spot-kick.
20:13 CET - Fabian Ruiz off, Warren Zaire-Emery on for PSG as Arsenal have their first two corners of the game. Noni Madueke, with projectiles that from the height of this press area look like lighters, being thrown at him, is unable to create any threat. The game is starting to ebb towards the Gunners, but the lightning pace of their opponent's frontmen is always a lingering danger.
20:06 CET - Arsenal make two more changes before extra time begins, with Eberechi Eze and Martin Zubimendi on for Kai Havertz and Myles Lewis-Skelly. Here we go then, 30 minutes to decide the winner, or we go to penalties.
20:00 CET - Deja vu anyone?
PSG started their season at the Super Cup in Udine against Tottenham Hotspur in a game that went to extra-time, they finish it against another North London side and guess what? We are going to extra time.
Bradley Barcola could have finished it with the last kick of the game, bouding forward all alone, but his effort strikes the side netting and we have 30 minutes more to find out who will be the Champions League winners for this season.
19:54 CET - That moment almost came from the diminutive Vitinha. Free on the edge of the box, he tries to place a shot into the top corner, managing only to ripple the wrong side of the net. A let-off for Arsenal, who look to be tiring.
Six minutes of stoppage time is all that stands between us and extra time.
19:51 CET - Into the final few minutes of a tense Champions League final - can someone find a moment of magic to win it for their side?
19:46 CET - Less than 10 minutes to play, it's still 1-1 on the scoresheet, but PSG are 9-0 up on corners. That not-so-secret weapon of Arsenal's has been completely nullified in this final. How much of that is luck, how much of that is gameplay, it's hard to know, but it will be an annoyance for a side so reliant on them for goals.
Two changes for the Gunners and one for PSG. Blessed relief for those Arsenal defenders as Kvicha Kvaratskhelia is removed for Bradley Barcola, whilst Mikel Arteta opts for changes out wide as Gabriel Martinelli and Noni Madueke come on for Leandro Trossard and Bukayo Saka, who was on a yellow card.
19:42 CET - OFF THE POST!
Sustained pressure from Arsenal, for the first time in the game, but beware the flying Georgian...
William Saliba loses out to him on the turn, and Kvicha Kvaratskhelia is away - romping forward from the halfway line and into the box. He gets his shot away, only for the covering Myles Lewis-Skelly to deflect it onto the post.
19:37 CET - The momentum has swung inside the Puskas Arena. Arsenal have gone more direct, parterning Viktor Gyokeres and Kai Havertz up front together, but at the back, they are struggling to keep their grip on the game, best typified by a poor pass from David Raya into no man's land, allowing PSG to roar forward once more.
We spoke earlier in the day about the two sides' different styles - that is very much on show now.
19:30 CET - PSG are level! Their talisman, Ousmane Dembele sends David Raya the wrong way to make it 1-1 in this enthralling final. The Parisien ultras light up the Budapest sky with their flares, it's a huge moment in this game, will that be the game-changing moment?
19:27 CET - PENALTY TO PSG! Finally, Kvicha Kvaratskhelia has got round the back of Cristhian Mosquera, and he gets his reward with the defender bringing him down in the box. In truth, he's lucky not to pick up a second yellow card, but it's a golden chance for Ousmane Dembele to level the final...
19:20 CET - Bukayo Saka the latest Arsenal player in the book, after a late lunge on Desire Doue. The Gunners' physicality has been on show all night, but discipline will be the key if they are to hold onto this slender lead.
19:11 CET - An early yellow card for Cristhian Mosquera for time-wasting on a throw-in. The referee has finally had enough with it, in what has been an overarching theme throughout the game. With Kvicha Kvaratskhelia - quiet so far - up against the right-back, he could be on thin ice for the remainder of the clash.
19:08 CET - We are all set to start the second half, with no changes at the break from either side. As has been a theme in this game, Arsenal are later on the pitch - who can find the next breakthrough?
18:53 CET - A sense of befuddlement inside the stadium in Budapest as the referee calls for half-time despite Arsenal having a corner - that's the one way to stop the time-wasting, perhaps?
In any case, the Gunners lead 1-0 at the break, with a resolute defensive performance to stop the attacking might of PSG. The question will remain whether they can keep this up for 45 more minutes, with only 23% of the ball.
18:49 CET - A silky stretch of passing sees a rare moment of opportunity for Arsenal, since the goal, inside the PSG penalty area, and it's their goalscorer Kai Havertz who is through on goal. His left-footed effort is well blocked by Marquinhos, allowing his side to clear.
The goal from the German has been the only shot on target in the first half for Arsenal, showing just how crucial it is to capitalise on any chance. Up the other end, PSG record their first shot on target in an increasingly frustrating 45 minutes for them, but David Raya is well behind it.
18:43 CET - Edging towards half-time at the Puskas Arena, and both managers have not sat down at all during the first-half, prowling the touchline as they try to keep their teams focused. For much of the first half, Mikel Arteta has had both hands in the air, almost telling his players to remain calm when they don't have the ball.
More stress for Arsenal's defence, as Piero Hincapie can't clear, allowing Fabian Ruiz a free header, which he can't put on target.
18:37 CET - PSG continue to probe around the edge of the Arsenal box, but they can't find any joy with crosses or lobbed through balls. Frustration mounting on the pitch, as their fans roar them on.
18:30 CET - As Arsenal take their time with throw-ins, much to the frustration of Luis Enrique, Matvey Safonov is down in the PSG goal, after his head collided with a defender's leg. Some treatment later, he's back on his feet.
18:25 CET - Midway through the first half, Arsenal are allowing PSG to have the ball without much threat on David Raya's goal. The Parisiens are yet to find any real rhythm with the ball, whilst struggling to find space for their attackers to roam free.
18:18 CET - Early controversy? From a PSG corner, the ball falls to Bukayo Saka, who fluffs the clearance, the ball appearing to strike both of his hands. The referee, Daniel Seibert, waves away the protestations from the Parisiens, whilst VAR decides to not get involved.
Arsenal continue to sit in their low block, with Declan Rice and Myles Lewis-Skelly on top of their centre-backs.
For those interested, Kai Havertz's opener had an xG of 0.12.
18:14 CET - The good news for PSG is they have plenty of time to respond - when they have fallen behind in this season's Champions League, they have won four of those seven encounters.
Since conceding, they have been on the front foot. Gabriel has made a last-ditch challenge to deny them, whilst soon after, Fabian Ruiz whistled one across the face of goal. You feel Arsenal will need a Herculean defensive effort to keep a clean sheet this evening.
18:06 CET - First blood to Arsenal, and it's the big-time player, Kai Havertz, with the opener. The striker gets in behind the high line of PSG and, from a tight angle, lifts a shot over the shoulder of Matvey Safonov into the roof of the net. The goalkeeper is likely to feel he should have done better, but the Gunners won't care. Lift off in the Arsenal end, we are set up for a thrilling final now...
18:04 CET - From Flashscore's vantage point high in the Puskas Arena, both teams have lined as you'd expect with no real surprises. The midfield battle this evening will be intriguing, as will the performance of Myles Lewis-Skelly, thrust into the biggest match of his career in what is still an unnatural position for the 19-year-old.
18:01 CET - Both sides are on the pitch, it's time for the biggest game in club football. Are you ready?
17:50 CET - Before we get down to business, a small concert from The Killers...
17:36 CET - Under 25 minutes to go until kick-off in Budapest, and the stadium is filling up nicely, with just the corporate seats left to go.
This is not the first major final at the Puskas Arena. It has hosted the 2020 UEFA Super Cup, the 2023 Europa League final, as well as games in the 2020 Euros.
In both club finals, the 'home side' came out on top - tonight, PSG are the ones with the home dressing room. Is that a bad omen for the Gunners?
17:25 CET - The noise has ratcheted up inside the Puskas Arena from both sets of fans as their sides enter the field of play for their warm-up. It's advantage PSG so far with the noise. Their travelling army, bedecked in white, are going through their repertoire with a deafening roar.
17:11 CET - With the lineups in, one match-up certainly stands out, and that is the battle between Cristhian Mosquera and Kvicha Kvaratskhelia. The Georgian has been one of the form players of the Champions League this season, getting a Flashscore average rating of 7.8 across his 15 appearances. He also has the most goal involvements this season. Mosquera is by no means a slouch, but he may fear the pace of the player they call 'Kvaradona'. Expect Declan Rice and Bukayo Saka to double on that side tonight.
16:55 CET - Right then, the team news is out! The big headlines come from Arsenal, with Cristhian Mosquera starting at right back ahead of Jurrien Timber, despite manager Mikel Arteta claiming the latter was fit to start.
Kai Havertz plays up front instead of Viktor Gyokeres, Myles Lewis-Skelly continues his run in the team ahead of Martin Zubimendi, Martin Odegaard gets the nod in place of Eberechi Eze, while the more defensive-minded Piero Hincapie starts at left back in place of Riccardo Calafiori.
For PSG, Achraf Hakimi is actually fit enough to start, and Fabian Ruiz takes his spot in midfield ahead of Warren Zaire-Emery.
16:30 CET - Another interesting dynamic heading into this fixture is the relative freshness of both sides.
Because of their dominance of Ligue 1, Luis Enrique have been able to rest a lot of their stars through the league season. Kvicha Kvaratskhelia, someone who will have a big say in the outcome of the final, is a great example of this, completing just two full games in Ligue 1 this season.
If you want to check out more key stats from the final, our resident analyst, Jason Pettigrove, has all the numbers you need to get you ready for kick-off.
16:20 CET - As we mentioned below, this is PSG’s second trip to the Champions League final in consecutive years, and history could await them later tonight, as they look to join Real Madrid as the only team to retain the title.
It’s been a much longer wait for the Gunners. Their fans have had to patiently watch other clubs from the same city, namely Chelsea and rivals Tottenham Hotspur, reach the Champions League final since their last appearance in 2006.
That 20-year drought has been punctuated by this season’s achievements in the Premier League, ending another long wait for that trophy, dating back to ‘The Invincibles’ in 2004, and now they head to Budapest chasing their first Champions League trophy.
They have never been better prepared to take on the task. Twenty years ago, they came up against Frank Rijkaard’s Barcelona, a team yet to reach the dizzying heights of the Pep Guardiola era, and were undone on the night by bad luck and bad discipline.
Neither has plagued their campaign this season, with no red cards at all - something they hope continues against a side that need no added motivation to stick the knife further in.
For those interested, German referee Daniel Seibert will take charge of the clash. He took charge of Arsenal’s semi-final first-leg against Atletico Madrid earlier in the competition.
16:00 CET - These two sides, both league champions in their own right, have had varied paths to get to the final. Arsenal, as has become customary in their role as ‘bad guys’ - read more about that here - have been at their pragmatic best throughout this season’s Champions League, beating Atletico Madrid 1-0 over two legs, which was the same scoreline they had to prevail against Sporting CP a round earlier.
PSG, under coach Luis Enrique, could not be more stylistically different to this evening’s opponents. Free-flowing football has typified their run back to the final, with the standout game coming in the semi-final first-leg - a 5-4 thrill-ride in Paris against Bayern Munich.
But questions remain as to how they will ‘attack’ today. In the second leg against the German giants, they were able to take the lead early, before shutting up shop and restricting an attacking Bayern to half-chances. Their wall of resistance was broken late, but they proved at the Allianz Arena that they can defend just as well as they attack.
Whatever happens, it’s all set for an intriguing battle, the first glimpses of the plans we will receive in 45 minutes as the team news spreads around the world.
14:00 CET - Flashscore editor Josh Donaldson live from Budapest:
As expected, there has been a mad dash for tickets for this final, with Arsenal fans taking all means of transport to reach Budapest. Trains, taxis, and planes have all been used, with fans taking unorthodox routes to get to the Hungarian capital.
From Prague’s central train station this morning, Flashscore saw more than 30 fans jump on the train for a seven-hour journey, whilst others have come from Poland, Slovakia and even Italy for a chance to witness history.
One intrepid fan, Aziz, currently making his way via train, flew in from Saudi Arabia without a ticket for the game to Prague, but he is still ‘optimistic’ that he can find a spot inside the Puskas Arena.
There have been reports of touts in Budapest, but even on third-party sites, ticket prices are skyrocketing, with some tickets sold for more than 3,000 euros.
Aziz’s love for Arsenal stems back to 2013, when he was one of the first members of a supporter’s group in Jeddah, one of three such groups in the Kingdom. All three, Flashscore has been reliably informed, will be full to the rafters, a sign of the Gunners’ global appeal, as well as the ever-growing influence of the Premier League.
He predicts a 2-1 victory for the Arsenal, with the ever-reliable Leandro Trossard to snatch the winner.
13:00 CET - Good afternoon and welcome to the Champions League final and a uniquely early kick-off!
We are five hours away from proceedings getting underway in Budapest's Puskas Arena, but the build-up begins now for the biggest game in club football... We hope you are as excited as we are for this one, as Mikel Arteta's Arsenal take on Luis Enrique's PSG for a shot at European glory.
You can listen to match commentary of the final or follow the live text here.
We will give a more detailed preview of both 2026 finalists as the kick-off approaches, and Flashscore editor Josh Donaldson will be providing live updates from the stadium during the final.
But for now, the headlines. PSG are the holders and favourites. Luis Enrique's side have peaked in the last couple of months of the season, just like they did last campaign before thrashing Inter in the showpiece final.
Arsenal, however, are high on the back of ending their trophy curse when they clinched the 2025/26 Premier League title, and can head into this final with a level of freedom that might just play into their hands.
The pressure is on the champions and whilst Enrique's rock and roll PSG are favourites for good reason, Arteta's robust Arsenal will be no walkovers. They never are.
