Here's the penalty shootout:
Cristiano Ronaldo scores! Real Madrid win the Champions League
Ronaldo has been anonymous all night, but he came up trumps when it mattered, showing nerves of steel to give Real Madrid an 11th European Cup.
Juanfran misses! Real Madrid 4-3 Atletico Madrid
The Atletico man hits the post and Real have a chance to win it.
Sergio Ramos scores! Real Madrid 4-3 Atletico Madrid
The Real captain matches his Atletico counterpart.
Saul Niguez scores! Real Madrid 3-3 Atltico Madrid
Another fine penalty to keep the shootout level.
Gareth Bale scores! Real Madrid 3-2 Atletico Madrid
Bale rolls the ball into the corner with Oblak unmoved.
Gabi scores! Real Madrid 2-2 Atletico Madrid
The Atletico captain makes no mistake, drilling it down the middle.
Marcelo scores! Real Madrid 2-1 Atletico Madrid
Another fine penalty, right into the side of the net.
Griezmann scores! Real Madrid 1-1 Atletico Madrid
The Atletico striker shows nerves of steel to atone for his missed penalty in regulation time.
Vazquez scores! Real Madrid 1-0 Atletico Madrid
Calmly sends Oblak the wrong way.
The penalties will take place at the end where the Real Madrid supporters are situated. Real Madrid will be up first. Lucas Vazquez with the responsibility.
End of extra time: That's it. A penalty shootout will decide the Champions League final for the 11th time and first since 2012, when Chelsea beat Bayern Munich.
122 mins: Real Madrid pushing forward again and again Atletico get a desperate block in, this time to send Danilo's shot behind for a corner.
120 mins: Two minutes of injury time for a goal to arrive, otherwise it's penalties.
119 mins: Two dangerous moments in the Atletico box as Real Madrid push for a last-gasp winner. First, Ronaldo has a shot blocked and then the Atletico defense does well to close down Vazquez and block his shot to safety.
116 mins: Ronaldo's poor night continues, slamming a long-range free-kick straight into the Atletico wall.
114 mins: Perhaps Simeone was wise after all to keep his substitutions in his pocket. Koke has become the latest player to go down with cramp and Thomas Partey now does make his arrival onto the pitch.
112 mins: Pepe gets hmself a booking for a high trip on Gabi. It's something of a surprise he wasn't booked before.
107 mins: Simeone was finally about to make his second substitution, bringing on Ghanaian midfielder Thomas Partey for Saul Niguez, but Filipe Luis has gone down hurt, quite possibly with cramp, necessitating a rethink. Instead, young central defender Lucas hernandez comes on to replace the Brazilian left-back.
Extra time resumes
Halftime in extra time: Real Madrid 1-1 Atletico Madrid
Just 15 minutes left before a penalty shootout and the onus is surely on the physcially stronger Atletico to try and get a winner. Surprisingly, Simeone still hasn't used his other two substitutions.
105 mins: We now have the sight of Bale and Ronaldo, two of the greatest athletes in the world, hobbling around up front. Can Atletico take advantage, though, before penalties will be called upon to decide this final?
101 mins: Better linkup play in the final third from Real Madrid ends with a blocked shot from Bale. And the Welshman is now down struggling with his muscles cramping up.
99 mins: Danilo has not been great since he came on, but he has rescued Real Madrid just now. Griezmann looked to have been sent clear by Torres' flick, but the Real substitute just had the recovery pace to get a foot in and avert the danger. Atletico having the better of this first period of extra time.
99 mins: Juanfran embarks on a dangerous run into the box, but the Atletico right-back is blocked out by Casemiro before he can put a cross in.
97 mins: Real Madrid have now switched to what it essentially a 4-4-2, with Vazquez on the right of midfield, Isco on the left and Bale and Ronaldo up top. Those front two are offering very little for Real Madrid right now, though, particularly Ronaldo, who is a complete passenger without the ball.
94 mins: A huge sigh of relief for Oblak. Atletico again fail to deal with a corner, Ronaldo gets his head to it at the near post and directs it straight down into his own knee. The ball could have gone anywhere but goes straight into the grateful arms of the Atletico goalkeeper.
93 mins: Danilo gets himself a booking after getting beaten all ends up by Carrasco down the touchline and resorting to hauling the Atletico goalscorer down.
92 mins: Casemiro fires a shot away but it's straight at Oblak.
Extra time is underway!
End of regulation time: Real Madrid 1-1 Atletico Madrid
Two years ago it was Real Madrid who got the late equalizer and were then far the stronger physically and mentally in extra time. This time, after Atletico got the late equalizer, it could be the other way round. Real Madrid have used all three substitutions and have a clearly struggling Ronaldo still on the field, while Atletico still have two changes remaining.
90+3 minutes: Ramos rightly gets a booking for cynically bringing down Carrasco to stop an Atletico counter attack. Atletico captain Gabi thought it was warranting of more than that and earns himself a yellow card for his protests.
90 minutes: Three minutes of injury time for one team to find a goal otherwise it's extra time once more between Atletico and Real.
89 mins: Ronaldo, who has done little all game, seems to be really struggling physically now. Moving very little without the ball.
87 mins: Marcelo has just delivered a tantalizing ball across the face of goal, but none of his teammates could turn it into the net. There could still be some late drama here before the need for extra time.
Here's Carrasco's equalizer:
84 mins: Real Madrid, who have sat back ever since going in front after just 15 minutes, now have to come out of their shell once more. Perhaps crucially, Real Madrid have made all three of their substitutions while Atletico still have two remaining with the prospect of extra time looming.
GOAL! Real Madrid 1-1 Atletico (Carrasco, 79)
In a reversal of events two years ago, this time it's Atletico that grab a late equalizer. Just moments after Bale came so close to making it 2-0, Atletico got forward and Juanfran put in a perfect low cross on the volley, from which Carrasco slid in at the back post to turn the ball into the roof of the net. Extra time is on the cards once again.
78 mins: Bale has a chance to clinch the Champions League for Real Madrid, but his low show is blocked on the line by Savic. Atletico are just about staying alive.
77 mins: Real Madrid make their final change. Benzema comes off to be replaced by Lucas Vazquez. Still no further movement from Simeone. It surely can't be long before Argentine forward Angel Correa makes an appearance, especially with Torres having been almost anonymous tonight.
73 mins: Pepe has gone down holding his face in ridiculous fashion despite contact from Filipe Luis not even touching him. Thankfully, Clattenburg has been onto Pepe's antics all night and simply tells the Portuguese defender to get up.
72 mins: Zidane make his second change, bringing on Isco for Toni Kroos. That's something of a surprise given Isco's more attacking instincts, although Kroos has got through a lot of work tonight.
70 mins: Real Madrid get the kind of counter-attacking opening they could hve been longing for. Lukra Modric plays Karim Benzema through cutting in from the right, but his strike is less than clinical and Oblak blocks to safety. That could have been game over.
67 mins: Ronaldo makes an appearance to win a free-kick on the edge of the box after quick footwork entices a clumsy challenge from Juanfran. Bale's free-kick deflects over the crossbar.
64 mins: It's all Atletico Madrid right now. Real Madrid have had precious little possession this half and there's been almost nothing seen of Cristiano Ronaldo through the whole contest. Still, though, Atletico Madrid haven't been able to find a breakthrough.
61 mins: Fernando Torres becomes the third player booked, joining Carvajal and Navas, for a poor challenge on Ramos.
59 mins: Atletico go close once more. Griezmann puts in a cross and Saul meets it with a difficult volley that goes wide of the post. Simeone is calling for more from his players and supporters on the sidelines and he's certainly getting it in this second period.
57 mins: Casemiro optimistically appeals for a penalty after a melee in the box following a corner, but the decision goes the other way. Atletico have dealt with set-pieces much better in this second half.
54 mins: Danilo's first action is to concede a corner and from the set-piece, Godin heads down, Griezmann touches on but Savic stabs home from close range. Atletico have certainly been mote purposeful at the start of this second half, but surely they can't afford to waste many more of these chances.
52 mins: Dani Carvajal is in tears as he limps off the pitch and out of the final. Danilo comes on and that should be a boost for Atletico given some of the Brazilian's defending in his first season at Real Madrid.
Griezmann's penalty miss:
48 mins: Griezmann misses! The penalty is hit with plenty of venom but it crashes back off the underside of the crossbar and the wrong side of the line from Atletico's point of view. Huge chance missed by their top scorer.
46 mins: Penalty to Atletico Madrid! Griezmann plays the ball into Torres' feet and Pepe luducrously clatters into the back of him. Straightforward decision for the referee.
46 mins: Real Madrid get the game underway. And Atletico have made the change mentioned below, Ferreira-Carrasco on for Augusto.
HALFTIME: Real Madrid 1-0 Atletico Madrid
Sergio Ramos's early controversial goal from an offside position separates the two Madrid rivals after what it has to be said has been far from a classic Champions League final first half. Since going in front, Real Madrid have been happy to drop off and wait to hit on the break. So far Atletico have struggled to make any inroads. It may not been long before Simeone takes off Augusto Fernandez and brings on Belgian wide man Yannick Ferreira Carrasco, with Koke moving into the middle. Atletico need some inspiration from somewhere.
44 mins: Real Madrid are simply challenging Atletico to break them down. While Simeone has introduced more attacking nuance into their game in the past two years, it's still not the type of situation they relish. Griezmann is perhaps the one man with the individual talent to beat a deep defense and he's been the biggest danger so far. His latest effort is a shot from 20 yards that just veers wide of the Real Madrid goal.
40 mins: Real Madrid are very happy to just it back after getting the early goal. It's not making for a classic final by any means and there's a danger perhaps of them becoming too passive, but they've quashed Atletico's threat on the counter attack.
35 mins: More crumbs of hope for Atletico. Griezmann strikes a perfect volley that Navas beats away. Although it was waved back for an offside, there's certainly more to encourage Simeone's men.
34 mins: Atletico are showing some better signs in the last few minutes. An incisive pass from Koke found Griezmann on the edge of the box, but the French forward's shot was comfortable for Navas. Atletico have to get their top scorer more into the game, but the linkup between him and partner Torres has been non-existent so far.
31 mins: Set-pieces unquestionably provide one of Atletico's better routes back into this game, but their first corner just now came to nothing.
29 mins: Atletico aren't playing with their usual intensity right now, almost as if they're still reeling from the shock of conceding an early goal. With the best defensive record in the Champions League this season, and keeping a clean sheet in four of their six knockout games, that reaction would be understandable.
25 mins: A bit better from Atletico. Filipe Luis has space to deliver a cross, and puts in a good one, but Fernando Torres is beaten to the ball in the air and Juanfran then smashes a shot high over the bar from the edge of the area.
23 mins: Atletico really haven't been able to put anything together in an attacking sense so far. Real, meanwhile, continue to look dangerous when they go forward. Another break away just now led to a Ronaldo shot blocked by a defender.
Here's Ramos' goal, from what certainly looked to be an offside position:
19 mins: They may have been fortunate about the way it materialized, but that early goal provides the perfect scenario for Real Madrid. Atletico now need to come forward, while Real can sit back and wait to strike on the counter through the pace of Bale and Ronaldo.
GOAL! Real Madrid 1-0 Atletico Madrid (Ramos, 15)
It's Sergio Ramos again! The man who scored Real Madrid's late, late equalizer in the final has given them an early lead this time. Bale flicked on Toni Kroos' free-kick and Ramos was on hand to bundle the ball over the line from right in front of Oblak. However, Ramos appeared to be just offside when Bale made contact with the ball.
11 mins: Already there have been a fair few stern challenges, providing referee Clattenburg with an early challenge. Dani Carvajal has become the first man to earn a booking for a late tackle on Antoine Griezmann. Real Madrid appeared determined to match the physicality and intensity of their opponents.
10 mins: Real Madrid have started the final with real intensity and purpose and are putting Atletico under real pressure right now. A big test for Atletico's superb defense to survive this early storm.
6 mins: Stunning save from Jan Oblak! Bale whips the free-kick right into the six-yard box where Casemiro had a clear strike in front of goal, but Oblak did brilliantly to instinctively block with his legs. A huge chance missed for Real Madrid to take an early lead.
5 mins: The first effort of the game comes from Atletico. Saul chips the ball back from the touchline on the right, but Koke failed to make clean contact with his volley and Keylor Navas had a comfortable first touch. That save leads to a quick counter led by Gareth Bale, before being taken down on the edge of the box.
3 mins: Despite all the pre-match performances, the crowd are creating a great atmosphere at the San Siro. Nothing of note on the pitch yet, although Atletico are squeezing Real Madrid early with their pressing.
KICKOFF! Referee Mark Clattenburg signals we're ready to go and Atletico Madrid get the 2016 Champions League final underway.
2:47 p.m. EDT: The players are now out on the pitch and kickoff is now moments away.
2:43 p.m. EDT: Alicia is now done with her oh so fitting rendition of "New York," but kickoff will certainly be delayed in Milan. Andrea Bocelli, last seen serenading Leicester's King Power Stadium, is now performing.
2:38 p.m. EDT: We now have Alicia Keys on the pitch for the pre-match ceremony. Kickoff now not too far away.
2:13 p.m. EDT: There is just one real surprise in the two team lineups. Rather than the usual all-Uruguayan center-back partnership, Diego Simeone opts to partner Diego Godin with former Manchester City man Stefan Savic. Jose Maria Gimenez is the unfortunate man left out, and you wonder if that’s a result of the 21-year-old’s hit-headedness in the second leg of their semifinal against Bayern Munich when he conceded a penalty and then angrily confronted the referee.
For Real Madrid, it’s as expected, with Cristiano Ronaldo starting despite limping out of training earlier in the week.
— Atleti English (@atletienglish) May 28, 2016
— Real Madrid C.F. (@realmadriden) May 28, 2016
Preview: Having already toppled Barcelona and Bayern Munich, Atlético Madrid will attempt to complete the hat-trick of Europe’s super clubs and take home the biggest prize of all for the first time, when taking on city rivals Real Madrid in Saturday’s Champions League final.
Should Atlético become the 23rd club to hold aloft the European Cup, it would be hard to argue that any team has ever faced a more difficult path to the trophy. Not only are Barcelona, Bayern Munich and Real Madrid the current dominant teams on the continent they also just happen to be the last three winners of the Champions League.
And victory over Real Madrid would be the sweetest of all, given that it was Atlético that Real beat to claim their long-coveted 10th European Cup two years ago. It was an agonizing defeat for Atlético, too, having led deep into injury time before an equalizer from Sergio Ramos proceeded a barrage in extra time to run out 4-1 winners.
Both teams have undergone significant changes since then. For Atlético, many of those have been enforced as star players have been lured away by the promise of greater riches elsewhere. Yet the most important piece of their puzzle, coach Diego Simeone, remains, and he has rejuvenated the squad while continuing to defy his club’s financial disadvantages.
For Real Madrid, the changes have come in the dugout. Carlo Ancelotti and Rafa Benitez have paid the price at a club where there is no acceptance for even the briefest of failures and the coach is seen as a mere caretaker for an ever-growing cast of superstars on the pitch.
In Zinedine Zidane, Real Madrid turned in January to a novice coach who was himself one of those Galacticos in the recent past. The Frenchman’s spectacular volley gave Real Madrid their ninth European Cup in 2002, and he was an assistant coach, too, to Carlo Ancelotti in Lisbon two years ago.
It has been a case of so far so good for Zidane, guiding Madrid to 12 successive victories to end the Primera Division season, even if that still left them a point shy of Barcelona. In the Champions League, they have been less than spectacular, but still did what was required to get past Wolfsburg and Manchester City in the quarterfinals and semifinal. Zidane will know more than most, though, that, at Real Madrid, all that will count for little if they do not come away with the trophy on Saturday.
Check back here from 2:45 p.m. EDT for live score updates and video highlights from the 2016 Champions League final.