Mikel Oyarzabal has stunned England with a late goal after coming on as a second-half substitute, allowing Spain to become the first nation to win the European Championships four times.
Spain backed up their pre-match favouritism with a brilliant performance to condemn England to a second-straight defeat in a European Championships final.
A cagey first half saw neither side establish genuine dominance, but Spain came out firing to open the second 45, scoring inside two minutes of the resumption through Nico Williams.
England had come from behind in all of its knockout matches at this tournament so far, and continued that trend when substitute Cole Palmer stroked home a sublime equaliser with little over 15 minutes remaining.
Spain though, continued to press and found the winner thanks to a wonderfully timed run from Oyarzabal, who slid home to break English hearts once again.
"I think Spain were the best team in the tournament," England boss Gareth Southgate said.
"We didn't keep the ball well enough.
"Spain press well and you have to keep the ball when you win it back. In the end, that's the bit that takes more out of your legs."
Much of the talk pre-match had rightly been about the excitement that Spain had brought to the tournament.
And they backed that up with another tremendous display against an England team that fought hard but ultimately did not quite have what it took to get one up over their rivals.
That being said, England was able to successfully shut down Spain's attacking threats in a first half of few, if any, clear-cut chances.
One of those chances saw the premature departure of player of the tournament Rodri, who was forced off at half-time after blocking a Harry Kane shot.
If that disruption was detrimental to Spain's flow, they didn't show it, coming out after the break with renewed attacking vigour.
Williams finished superbly, racing onto a pass at the end of a flowing attacking move to put the three-time champions ahead.
Spain could have had a second moments later as Williams again appeared in space, but Dani Olmo fluffed his effort wide.
While Williams threatened down the left, Álvaro Morata was asking questions centrally, with Barcelona youngster Lamine Yamal also getting more and more into the game, forcing two stunning saves from Jordan Pickford.
England made a change, removing Kane on the hour mark, and instantly improved — Jude Bellingham shooting just wide after a stunning turn on the edge of the area.
It was a second switch from Southgate that really made the difference though, as Cole Palmer stroked home after being teed up by Bellingham from Saka's cross.
England believed again — it was the fourth time in as many knockout games that England had come from behind — and they were roared on by their multitude of supporters in the stands.
However, it was a Spanish counterattack that brought the winner.
Substitute Oyarzabal timed his run to perfection, latching onto a Marc Cucurella cross to poke past Pickford and send the Spanish supporters wild.
There was still time for England, who had two headers — first by John Stones, then Marc Guéhi — cleared off the line by Unai Simón and Dani Olmo, respectively.
But after that, time simply ran out for England, who were made to watch as Spain joyfully celebrated the triumph.
"I'm devastated for everyone. We have just fallen a little short," Southgate said.
"We had a little bit of momentum in the game at that point [when Cole Palmer equalised]. There's a big chance at the end to equalise too but across the 90 minutes, I'm not sure we did enough.
"I think the players will take enormous credit for getting us to where we did but when you're as close as that, you have to take your chances.
"They have represented the shirt with pride and haven't been beaten until the very end. I just think tonight Spain had more control of the game."
Look back on how all the action unfolded in our live blog.
Farewell from us
Well, what a dramatic final.
A huge performance from Spain, who were utterly deserving of their fourth title, not only based on their performance in this final, but in the tournament as a whole.
England though suffer the heartache and pain of losing in the final, again.
Third time lucky on home soil in 2028?
That's a long time away for the supporters and players.
And, it's been a long time since full time so we'll wrap things up here.
Thank you so much for joining me this morning.
There will be more fallout and wash up from the defeat over the coming days and weeks.
But from us, right here, right now, it's time to go.
Have a good day.
Let's go with that
Football was the real winner
- Mike
She would disagree, I think.
It was, all joking aside, a terrific game.
'It's not for now': Southgate not drawn on his future
England coach Gareth Southgate has been asked by ITV in the UK whether he will stay on as England manager.
"I don’t think now is a good time to make a decision like that," he says.
"I need to talk to the right people. It’s not for now."
He also spoke to our friends on the BBC, saying that there can be no excuses.
"There is definitely a disadvantage to having a day less to prepare but we were still in it come 80 minutes," Southgate says.
"It is going to take a while to pick the bones out of it really."
Southgate also said the tournament had been "tough"on Harry Kane.
"Physically it has been tough for him. He came into the tournament short on games and has not quite reached the level we all would have hoped," he said.
"The games are hugely demanding."
"I thought the substitutes came on and did what we asked them to do."
Hard to argue against that.
¡A celebrarlo!
The wait goes on
Full time stats
England will find it hard to argue with those stats.
But perhaps it was always going to be Spain, given Spanish team's track record in major finals in the last few years.
This is simply remarkable.
Since 2002 Spanish teams have never lost a final in a major tournament to non-Spanish opposition.
Meanwhile, King Felipe VI of Spain...
His post, meanwhile,
That reads...
"You have been the best team, you have made us enjoy every game and all of Spain is proud of you.
"Congratulations Spanish football team.
"This result does justice to what we have seen on the field throughout #EURO2024
"Time to celebrate!"
Respect from the Royals
King Charles III has tweeted his support for the England team.
He writes: "Although victory may have eluded you this evening, nevertheless my wife and I join all my family in urging you and your support team to hold your heads high.
"All those who have participated in sporting activities at any level will know how utterly despairing such a result can feel when the prize was so near - and will join me in sending heartfelt sympathy, even as we congratulate Spain.
"But please know that your success in reaching the European Championship final is a really great achievement in itself, and one that brings with it the pride of a nation which will continue to roar for the Three Lions today – and in the many triumphs which I have no doubt lie ahead.
Charles R"
Couldn't have put it better myself.
'It's an opportunity missed': Harry Kane
Harry Kane has been speaking on UK's ITV.
"It's hard to put into words how we're all feeling right now," he said.
"Tough game. We did well to get back into the game and struggled to build on that. To concede late on is really tough to take.
"We've been coming from behind all tournament, we've got it in the locker. We didn't take the next step and win it.
"In the first half, we struggled. We couldn't keep the ball. Second half was better and we got the goal. We got caught with a cross and that's the final.
"It's an opportunity missed. These finals aren't easy to get to. You have to take it when it comes and we haven't done it again.
"It's extremely painful and it'll hurt for a long time.
"Gareth will go away and take time to decide. We wanted to win it for him."
Spain lifts the trophy!
The fireworks explode, the cheers start.
Spain lifts the Delaunay Cup.
The best team won the title, of that there is little doubt.
Oh, Harry
Oh, Gareth
By the time the next World Cup rolls around, it will be 60 years since England last held a major trophy.
England accept their runners-up medals
Not many of them are going to want to have the silver medal hung around their neck.
The Prince of Wales is up there on stage, offering his commiserations, as is UEFA president Aleksander Čeferin, who offers those awkward looks and handshakes to people who simply would rather be somewhere private to go through their own personal feelings on coming so close once again.
Contrasting feelings
Oof. Football, hey?
Rodri is player of the tournament
His teammates bow as he walks through their self-made tunnel on his way to the stage.
A worthy winner and the lynchpin of this Spanish side.
Losing him at half time could have been a terminal blow to Spain.
That it wasn't was a testament to the stunning all round squad.
Lamine Yamal is young player of the tournament
No surprises there.
The 17-year-old Lamine Yamal is the young player of the tournament - and he beams as he accepts his award.
Giorgio Chiellini brings the trophy to the stage
The Italian who broke England's hearts three years ago, now inadvertently assists in breaking their hearts once more.
Southgate's record
There will be plenty of time for retrospection.
Plenty of time for recriminations to be laid, if any are warranted.
But Gareth Southgate can hold up his head.
Consecutive European Championship finals, a World Cup semifinal and a quarterfinal - that's some record.
He has made a rare impact, achieving on the pitch without ultimately achieving anything in terms of silverware, but changing the entire outlook England has had on its national team.
From overhyped primadonnas to genuinely likable contenders for major championships.
That will take some following, if he is to depart.
Bellingham kicks out
Frustration for one of the best players in Spain's best team, Jude Bellingham.
The Real Madrid youngster walks over to the bench and kicks over a cooler of drinks.
Heartbreak for him in the white of England after such joy earlier in the summer in the blanco of Madrid.
More England beartbreak
The default setting for England fans in major tournaments returns.
The late surge of brilliance during this German jaunt was just not enough for England to overcome a tremendous Spain side.
The English are now the first men's team to lose two European finals in a row.
Gareth Southgate suffers more agony in what might just end up being his final match as England boss.
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