Real Madrid has won their 11th Champions League with a 1-1 (5-3) win over Atlético Madrid.

Real Madrid scored in the 15th minute when Toni Kroos' free kick was flicked with a header by Gareth Bale that was knocked in right in front of goal by Sergio Ramos, who appeared to be offsides on the replay.

Atleti and Real Madrid almost evenly shared possession in the first half with Zinedine Zidane's side enjoying the better combination play with some sublime passing.

Shortly after the second half begun, Fernando Torres won a penalty kick off a clumsy challenge from Pepe, but Antoine Griezmann hit the crossbar to preserve Real Madrid's 1-0 lead.

Real Madrid was unable to enjoy the same degree of space though they did have several promising goal scoring opportunities, most notably Karim Benzema on the right.

In the 79th minute, Yannick Carrasco converted a cross from Juanfran right in front of Keylor Navas.

With very few opportunities of substance for either side in extra time, the match went into penalties.

Lucas Vasquez converted the first penalty for Real Madrid comfortably, while Griezmann redeemed himself from his earlier miss going low. Marcelo, like Vasquez, went right to beat Oblak. Gabi kept Atleti level with a strong strike to the upper left hand corner. Gareth Bale hesitated before going to the right again for Real Madrid before Saul similarly hesitated before beating Navas left. Ramos continued Real Madrid's attack of Oblak's left. 

Juanfran hit the left post for the first miss of penalties.

Cristiano Ronaldo, who was largely a passenger in the match, ended it with his coolly executed penalty. Similar to the 2014 Champions League Final, Ronaldo immediately removed his shirt after scoring the match winner.

Atleti clearly had the more difficult path to the final, defeating both Barcelona and Bayern, while Real Madrid needed a comeback against Wolfsburg and then fairly comfortably beat a listless Manchester City club in the semifinals.

Richard Scudamore has insisted the Premier League will “pull out all the stops” to resist any attempt to play Champions League matches at weekends or introduce guaranteed places for bigger clubs.

Both ideas have been floated as ideas to revamp the competition from 18-19 onwards and prevent a breakaway competition among bigger clubs.

In light of the increase in viewers and profile sparked by moving the final to Saturday one idea being mooted is to move some Champions League matches to weekends during the later rounds.

Another idea would be base a side's record over three seasons as a factor for qualification, which makes it less likely usual clubs would miss out.

Scudamore said the Premier League would strongly resist any such suggestion.

“If you land in the first four places, you are in the Champions League and it is as simple as that. The idea you might average the qualification over a number of years just seems completely ridiculous.”

Given the Premier League’s new £8.3 billion TV deal, much of the pressure for changes to European competition has come from clubs in Spain and Italy.

Real Madrid will again meet Atletico Madrid in the Champions League Final after they progressed 1-0 against Manchester City in the semifinals. The two Madrid clubs met just two years ago in the Final, won by Real Madrid after Sergio Ramos broke through in the 93rd minute to send the match to extra time.

Gareth Bale scored the lone goal of the tie in the 21st minute after he was found in space breaking toward the sideline by Dani Carvajal. Bale's shot was deflected into goal by Fernando and ruled an own goal.

Real Madrid was far from convincing in killing off the match and were fortunate Manchester City played with no real sense of urgency until the final minutes.

City had the advantage of knowing a tie scoreline with a road goal would allow them to advance following the 0-0 result in the first leg. Kevin De Bruyne lacked energy and City were unable to play the ball to Sergio Aguero in any meaningful areas. Raheem Sterling had a few opportunities on the left when he came on for Manuel Pellegrini and Aguero had one threatening strike from outside the box in the final minutes that sailed slightly over the next.

Keylor Navas was steady in goal for Real Madrid but he largely went unchallenged by City over both legs.

Diego Simeone was gracious in victory about the quality of Bayern Munich.

"Today in first half we played against a tremendous team, possibly the best I have faced ever as a coach,” said Simeone of Bayern.

Simeone compared this team to the one that won La Liga in 2014 and also reached the final of the Champions League. 

"That [2014] team was much more experienced, many players of 28 or 29 [years old], this team has many more young players, who are learning as they go along. Koke, Saul, Griezmann, [Jose] Gimenez, [Yannick] Carrasco ... it fills us with pride.

"We have a different chance, [in 2014] we had to play on Saturday in Barcelona, the following Saturday against Madrid. This year we will have a fortnight, which will help both finalists. Life is not about revenge, but about new opportunities, and this is a new opportunity."