Have your say on BBC Five Live's 606 with Alan Green from 2200 BST. The number to call is 0500 909 693 or you can send a text to 85058. Alternatively, get involved on the 606 messageboards.
"Look at Liverpool in the tournament. They took out Barcelona, they took out Chelsea and with the amount of possession here they didn't create enough chances to take out AC Milan. They should have made more of it."
BBC Five Live analyst Graham Taylor
"It's important not to make too many excuses. Analyse it and Rafa Benitez knows they need firepower up front and the trophies will come. Two years ago things went for Liverpool. Tonight they went for AC Milan."
BBC Five Live analyst Jan Molby
2151: Fireworks spear out over the stadium, confetti tumbles down on the running track from on high and the party starts for real. Congratulations to AC Milan. For Liverpool it is a sedate walk to their fans before a long, contemplative journey back home.
2150: Paolo Maldini, the oldest outfield player to play in a European Cup or Champions League final at the age of 38, lifts the trophy.
2149: They are slowly filing through to get their medals, including subs like Cafu, and now Paolo Maldini has reached the top step. Could be a good time to retire. It doesn't get better than this.
2148: The AC Milan team file up the steps and Paolo Maldini hangs back watching them go. The veteran defender and coach Carlo Ancelotti have a moment to themselves and a tender, genial hug.
2147: Five Live commentator Alan Green says Rafael Benitez's "brain will be smothered in disappointment". Sounds painful.
2146: Here they come, led by Steven Gerrard, and handshakes all round as losers Liverpool walk through a guard of honour.
2145: The Italians are having to wait for Liverpool to get their act together to go up first.
2144: AC Milan are making the most of the delay with a little jumpy dance. Even coach Carlo Ancelotti's getting involved. He clearly fine tuned that technique at a wedding.
2143: It's all become a bit chaotic. What's going on? Back in Manchester Sir Alex Ferguson will be uncorking that nice bottle of red given to him by Carlo Ancelotti which he promised to drink when the Italians won.
Player rater: Jermaine Pennant, one of five players to rank above seven, is your man of the match. Highly commended certificates to Steven Gerrard, Javier Mascherano, Kaka and AC Milan's two-goal hero Pippo Inzaghi.
2142: Rafael Benitez is still having words with the officials.
2141: Paolo Maldini and his team are ushered towards the steps they have to climb to get their hands on the trophy. This is Maldini's fifth success in the competition.
2140: Liverpool fans stand undaunted by defeat, scarves up above their heads. There was to be no miracle comeback this time.
2139: Pippo Inzaghi is going on a glory run in front of the AC Milan fans. A simple thumbs up from Gennaro Gattuso.
2138: Rafael Benitez is complaining to the referee that he didn't play the full three minutes of added time. Kaka is dancing around in a T-shirt which reads 'I belong to Jesus'.
"They have won by not playing well. Liverpool's problem was when they dominated they failed to score and then they had to chase the game. They never made serious chances and they changed the system."
Five Live analyst Mark Lawrenson
2137: FULL-TIME AC Milan 2-1 Liverpool
AC Milan are champions of Europe for a seventh time.
2136: Pepe Reina has the ball again and he is looking long again. Steven Gerrard makes a good connection but it is blocked. Xabi Alonso overhits a pass wide to Alvaro Arbeloa.
2135: Pepe Reina pumps the ball long but Peter Crouch is adjudged to have fouled as he jumped for the ball. Not what they wanted. Clarence Seedorf makes way for Giuseppe Favalli.
2134: There will be three minutes of added time. Harry Kewell looks to break down the left but Gennaro Gattuso is having none of it.
2133: This is the final minute of normal time. Jamie Carragher is struggling with cramp.
2132: GOAL AC Milan 2-1 Liverpool
Can they really comeback again? Daniel Agger flicks on Jermaine Pennant's corner and Dirk Kuyt is at the back post to nod in. They could you know.
2131: Happy days in the AC Milan end. They think this is won. Finally changes are made. Alvaro Arbeloa for Steve Finnan and Alberto Gilardino for goal hero Pippo Inzaghi.
2130: AC Milan and Liverpool are looking to make changes. There are less than five minutes left.
2129: Dida tips over a long-range shot from Peter Crouch. The Brazilian keeper claims the corner.
2128: Pippo Inzaghi is at the other end eating up time with an injury as Liverpool want to take a free-kick. They do little with it and AC Milan break. Kaka looks to take on three defenders but even he can't find a way through.
2127: Make that 38 goals in 66 Champions League games for 'Superpippo' now and 58 in all European games. Only Gerd Muller, on 62, and Andriy Shevchenko, on 59, have scored more.
2126: GOAL AC Milan 2-0 Liverpool
That's it, isn't it? Kaka picks up a Massimo Ambrosini pass, advances on the Liverpool defence and releases Pippo Inzaghi with a threaded throughball. 'Superpippo' rounds Pepe Reina and rolls the ball under the diving Spaniard. Reina clasps his head in his gloved hands as the ball trickles into the net.
2125: Kaka's bearing down on Jamie Carragher after a mistake from Daniel Agger. Good work from the Englishman. He gets a boot and stops the Brazilian.
2124: A free-kick for AC Milan after a high boot from Harry Kewell on Gennaro Gattuso. After the initial delivery is cleared the Italians come again. Kaka down the right clips a cross into the box and picks out Pippo Inzaghi, but the striker is nutmegged by the pass!
2123: A first change for AC Milan. Kakha Kaladze comes on for Marek Jankulovski.
2122: 'He's big, he's red, his feet stick out of bed, Peter Crouch, Peter Crouch.' The beanpole striker - is their a copyright on that? - replaces Javier Mascherano so Liverpool go 4-4-2.
2121: And another AC Milan corner. They are going for the kill here. No they're not. It's another poor delivery.
2120: Another Andrea Pirlo corner and Clarence Seedorf pounces on the initial clearance. His shot is blocked.
2119: Dirk Kuyt whips a cross in from the left. Harry Kewell wins the header but nobody is on hand to latch on to it.
2118: Steven Gerrard climbs to clear Andrea Pirlo's corner from the right and Liverpool break.
Player rater: Jermaine Pennant is now leading the way.
2116: Now a chance for AC Milan as Liverpool's defence makes a mistake. Daniel Agger and Jamie Carragher recover to crowd out Pippo Inzaghi.
2115: A lucky break for Liverpool as an AC Milan clearance ricochets off referee Herbert Fandel. Steven Gerrard pounces but drags a low, long-range effort inches wide. This Italian defence doesn't look comfortable.
2114: Peter Crouch and Craig Bellamy are warming up for Liverpool.
2113: A little over 20 minutes of normal time to go. The clock is seriously ticking for Liverpool. It was about this sort of time 12 months ago that Barcelona began their comeback against Arsenal.
2112: A shot on goal, but it is well wide from John Arne Riise as he cracks one off from outside the area on the left. AC Milan cannot keep hold off the ball. Paolo Maldini is the latest culprit to give it away softly.
2111: Dirk Kuyt's cross from the right finds Steven Gerrard, but the Liverpool man cannot bring the ball down and get the shot away.
2110: Liverpool are cranking up the pressure but they are playing across the area. Dida's just looking on and has not been forced to do anything.
2109: A free-kick to Liverpool on the left. Jermaine Pennant's clipped delivery - off boot, not of tongue - is easily cleared by AC Milan.
2108: Vital touch from Daniel Agger as he gets a block on Kaka's threaded forward pass to Pippo Inzaghi.
2107: The pace of the game is going supersonic.
2106: Gennaro Gattuso gives the ball away to Steven Gerrard and he motors past Alessandro Nesta into the box on the left. His shot across Dida was weak and well saved.
2105: Harry Kewell's first touch is to play the ball past Gennaro Gattuso on the left. His second contribution is to dive over the Italian's leg. Kewell's clearly out of match practice when it comes to diving!
2104: Another foul on Kaka and another booking for Liverpool. The Brazilian puts on the turbo booster and is racing past Jamie Carragher who nudges him off the ball. He had to. Andrea Pirlo's free-kick is over the bar.
2103: A change for Liverpool. Harry Kewell has hardly played this season but is now in a Champions League final. Bolo Zenden makes way.
2102: Not so good from Javier Mascherano. Herbert Fandel brandishes the yellow card after the Argentine slid in from behind on Andrea Pirlo.
2101: A great tackle from Javier Mascherano. He tracks Kaka all the way to the edge of the Liverpool before sliding in with an inch-perfect challenge.
2100: A terrible mistake from Daniel Agger and Pippo Inzaghi has a chance. The Dane makes up for the error and recovers to clear the danger, stealing the ball off Inzaghi in the box.
2059: Another poor decision from a linesman. Andrea Pirlo latches on to a cushioned header from Clarence Seedorf and lifts a pass over the top to Kaka. The Brazilian's behind the defence, but then the flag goes up. A let off for Liverpool.
2058: Marek Jankulovski has clearly had enough of being shown up by Jermaine Pennant. The Czech full-back clatters the Liverpool man going right through him and gets booked.
2057: Heart in mouth time for AC Milan as Paolo Maldini is caught in possession. Alessandro Nesta steps in to help out his centre-half buddy after Jermaine Pennant dawdles on the ball.
2056: Heart in mouth time for Liverpool as Pepe Reina races out of his goal towards the corner flag and it is an incredibly weak clearance along the line. John Arne Riise comes in to help him out.
2055: Agricultural clearance by Massimo Ambrosini in midfield and out to touch. The other Massimo, Oddo, soon gets in on the act as well.
2054: Tit-for-tat in midfield.-
2053: Jermaine Pennant to Steven Gerrard to Dirk Kuyt to linesman. He has his flag up for offside. A wrong decision brings a fast passing move to an end.
2052: Liverpool fail to create anything at the corner when it is finally taken on the right.
2051: A bit of a delay as someone runs on to the pitch. A hammering tackle from the stewards. Bundle!
2050: And Alessandro Nesta is back in action tackling well to deny Steven Gerrard in the box after the Liverpool skipper looked to latch on to a Dirk Kuyt flick on.
2049: Alessandro Nesta climbs well to clear a Steve Finnan cross from the right. The Irishman is Liverpool's most productive player when it comes to assists in this competition this season.
2048: The action resumes.
2046: And what about AC Milan's legs? OK, ladies may swoon over Paolo Maldini's but him and his buddies are old. When does experience become a hindrance? The Italians are the oldest starting XI in a Champions League final at an average age of 31 days and 34 days. The three previous oldest teams have all lost.
2045: The last two Champions League finals have been won by the team that conceded first so hope springs eternal. Doesn't it?
"How can the Scousers feel so aggrieved? Liverpool are getting the majority of their possession in wide areas. Pity Zenden and Pennant aren't good enough to grace an FA Vase Trophy Final, never mind a CL Final."
samjazzy1234 on the 606 messageboards
Kaka is just edging Steven Gerrard and is the only AC Milan player with a superior mark to his opposite number.
"Why can't we just score in a final first? Bolo needs to come off for Kewell. I'm still hopeful for the 2nd half, but I think another comeback this year is a bridge too far."
peter_lpool on the 606 messageboards
"I don't think AC Milan are capable of keeping Liverpool out. They need to go with two front men."
BBC Five Live analyst Jan Molby
"That was pure good fortune. AC Milan were being out-thought and out-played."
BBC Five Live analyst Graham Taylor
2033: HALF-TIME AC Milan 1-0 Liverpool
Well they came from behind last time - and they were 3-0 down then. No problems.
2032: 'Superpippo' was trying to get out of the way of that free-kick! A lucky touch and that makes it 37 goals in 66 Champions League appearances for the Italian.
2031: GOAL AC Milan 1-0 Liverpool
What do you know? They have been second best throughout but will go into the break in front. Andrea Pirlo's free-kick takes a deflection off Pippo Inzaghi and beyond Pepe Reina who was diving away to his left. Without the deflection he would have saved Pirlo's delivery no worries.
2030: Xabi Alonso clips Kaka on the edge of the area. This could be trouble. Andrea Pirlo is placing the ball a few yards from the D in a central position.
2028: Dirk Kuyt steps over John Arne Riise's throw for Bolo Zenden, but Massimo Oddo tracks back to win a goal-kick.
2027: Carlo Ancelotti is looking a bit more fretful now. Imagine if that bus hasn't turned up for 40 minutes. Or your team.
2026: A first yellow card as Gennaro Gattuso slides in on Xabi Alonso with a scything tackle on halfway.
2025: And it's not just Marek Jankulovski. A heavy touch from Kaka in midfield, Clarence Seedorf takes his eye off the ball... the whole team looks racked by nerves. There's no fluency.
2024: AC Milan break. It soon breaks down. Marek Jankulovski is having a nightmare. What did Silvio Berlusconi say to him during the warm-up? It has put him right off his game.
"Liverpool are ahead other than the most vital thing of the ball in the net. Jermaine Pennant has done exceptionally well."
BBC Five Live analyst Graham Taylor
"Liverpool have had a good spell and a good half, but they need a goal. They need a goal."
BBC Five Live analyst Mark Lawrenson
2022: Right on cue. Another mistake from Marek Jankulovski and Jermaine Pennant's on the charge. The ball is worked to Steven Gerrard and Dirk Kuyt but his shot is blocked by Massimo Oddo.
2021: Well, it's interesting but not enthralling. Too many mistakes for that.
2020: Anything you can do I can do better. Xabi Alonso breaks from defence with the aid of a Cruyff-turn in midfield. The move breaks down when his pass forward is blocked.
2019: Steven Gerrard is Liverpool's most advanced player as AC Milan build from the back. They work well up the right but the cross is another poor one.
2018: A rocket from John Arne Riise rifles over the bar from distance. Who played him in with a sideways pass from the right? Jermaine Pennant. He's Jer-main man out there at the moment.
2017: Here it comes. There it goes. AC Milan clear comfortably.
2016: Finally a Liverpool corner after a bit more fussiness from the referee. No, not quite yet, Herbert Fandel's got another problem now.
2015: Andrea Pirlo's free-kick from the right is poor. Pepe Reina easily claims.
Player rater: Kaka are Steven Gerrard are dominating the early ratings. No surprise there. Family Gerrard seem to have a hotline to that rater. He does well whatever's going on.
2013: Liverpool's best moment so far. Again it hails from the right, the AC Milan rearguard are rattled and Xabi Alonso fizzes a long shot just wide.
"I've never seen Milan mis-place so many passes."
BBC Five Live analyst Mark Lawrenson
2012: Liverpool are prospering down the right and AC Milan are looking to match them, but Massimo Oddo hasn't got enough zip to get on the end of that heavy pass. 2004 Olympic champion Justin Gatlin couldn't have got on the end of that!
2011: Another neat Cruyff-turn from Kaka in the centre of the pitch before he looks to arc round Javier Mascherano on the right. The Argentine tracks him all the way before retrieving possession.
2010: Gennaro Gattuso hammers into John Arne Riise as the Liverpool left-back lines up a clearance. In fact, he had cleared. The Italian could have pulled out but he's not the sort to back down.
2009: Massimo Oddo mis-reads a Jermaine Pennant cross after a Liverpool break and a chance opens up for Steven Gerrard. The Reds skipper skies his shot over the bar. High over the bar.
2008: Liverpool are getting on the wrong side of concert pianist and referee Herbert Fandel. Now Steven Gerrard gets a talking to.
2007: Best football of the match. AC Milan sweep upfield with a slick, one-touch passing move before Daniel Agger blocks Kaka as the Brazilian looks to roll round the Dane after a neat touch. Agger gets some of the Herbert Fandel 'halt' treatment as well.
2006: Massimo Oddo breaks to the byeline, but the AC Milan right-back balloons his cross high over the penalty box.
2005: A wasted free-kick from a dangerous position on the left there by Liverpool.
2004: Herbert Fandel is very German. The referee comes barrelling in efficiently after a challenge from Xabi Alonso on Massimo Ambrosini and make no bones about, he doesn't want to see any more late challenges from Alonso. Arms waved across his body, Fandel delivered that order with a 'halt!'.
2003: A first shot from AC Milan. Kaka collects a pass outside the area, works a bit of space with a touch to his right before shooting, but Pepe Reina is behind it all the way.
"It's advantage Liverpool, but that counts for diddly at 0-0."
BBC Five Live analyst Mark Lawrenson
2001: Liverpool are hassling and harrying AC Milan into mistakes. The Italians go route one again.
2000: The blue-booted Javier Mascherano comes out on top of a challenge with Gennaro Gattuso - the man Steven Gerrard has likened to a kitten.
1959: Pippo Inzaghi's in the action now. He breaks the Liverpool offside trap but is unable to get on the end of Andrea Pirlo's lofted throughball.
1958: Steven Gerrard wins a header and flicks the ball on for Jermaine Pennant. The skipper is unable to make true contact with Pennant's cut back from the byeline.
1957: This is better from Liverpool. AC Milan are hoofing it clear in hope. Not very Italian that. Pippo Inzaghi is a frustrated spectator at the minute.
1956: A mistake from Marek Jankulovski and Jermaine Pennant is through on goal on the left. The first shot of the game and Dida saves well low to his left with a parry. Nobody is on hand to follow up for Liverpool.
1955: A cacophony of jeers as AC Milan maintain possession for a period of time.
1954: Carlo Ancelotti's still waiting for that bus. Hands on hips he's watching the action standing on the edge of his technical area. Rafael Benitez is prowling his technical area.
1953: AC Milan are settling. Time on the ball is helping them grow into the occasion. A heavy first touch from Clarence Seedorf and the ball races away from him as he races on to a throughball into the box.
1952: Here's something for AC Milan. Jamie Carragher cuts out a forward pass to Pippo Inzaghi and it is a Milan corner. Liverpool clear.
1951: All a bit haphazard but advantage Liverpool who have settled the better.
1950: Italian coach Carlo Ancelotti, sporting burgundy shirt and tie - natty - is more casual in his approach to getting a point across. He's like a grey-haired fella ambling around waiting for a bus.
1949: AC Milan are playing that 4-3-2-1 formation we have become accustomed to in previous rounds. Some unreadable hand signals from Rafael Benitez on the touchlines.
1948: Well the Reds have started better than they did two years ago. By this time they were a goal down! Instead, Liverpool, playing 4-2-3-1, have begun brightly but Jermaine Pennant cannot get on the end of a Steven Gerrard cross-field pass.
1947: Liverpool kick-off proceedings.
1946: Rafael Benitez is cleaning his glasses on the touchline as his team go into a huddle. We're pretty much all set.
1945: Some people are on the pitch. Never mind it being almost over. It hasn't even started. They are soon accosted by stewards.
1943: 'We are the champions; wir sind die Besten; nous sommes les meilleurs'. That's the last time you'll hear the Champions League anthem for a while.
1941: The two teams emerge. Nobody touches the trophy as they file past. Nobody even glances at it.
1939: Liverpool are now in the tunnel. They look far more business-like and less relaxed.
1938: AC Milan have emerged from their dressing room. Kaka is looking like Mr Cool and Gennaro Gattuso has given the thumbs up to someone. He looks more like Mr Scary.
1936: That other staple of a pre-match/opening ceremony now. Kids are walking around in blue or white togas before lying down in a shape. What is it? Not a clue, but they're doing it to 'Blue is the Colour'. Not tonight it isn't.
1935: Highlights of each team's progress to this match are being shown on the big screen.
1933: The pre-match ceremony has a backing track of classic Greek music you'd normally get at your local taverna. Blokes on drums as well around the centre circle. There are always blokes on drums at these things.
1930: Just 15 minutes to the big kick-off and the trophy is in place. Greek national captain Theo Zagorakis puts it on a plinth by the tunnel. That's the closest Leicester will ever get to it.
1929: AC Milan president Silvio Berlusconi has been making a nuisance of himself. After a wander around the running track he has a word with full-back Marek Jankulovski. That's a warm-up with a difference.
1928: Liverpool boss Rafael Benitez has just had a microphone thrust in front of him in the bowels of the stadium and is promising an attacking attitude. "If we keep deep and just defend we will have problems," the Spaniard said.
"I'm supposedly a neutral and I'm feeling nervous. I can't imagine how those connected with the clubs are feeling! I'm shaking from anticipation."Manjot via text on 81111
1926: 'You'll Never Walk Alone' rings around the stadium. Impressive stuff. Can the players match the inspiring effort of the fans?
1925: And there's not much between them in the Champions League this season. In fact, there's nothing.
AC Milan: P14; W8; D3; L3; F21; A10
Liverpool: P14; W8; D3; L3; F21; A10
1923: All this historical bumpf ties you in knots. It's tit-for-tat. There are omens aplenty but none are stacking up in great favour of either team.
1921: But in the last final in Athens AC Milan put on a footballing masterclass against Barcelona in 1994. They won 4-0.
1919: When Italy won the World Cup in 1982, an Italian side played in the final in Athens the subsequent year and lost. Hamburg took the spoils against Juventus.
1914: And Liverpool, who are now out warming up, have won all of their five titles in Europe's premier competition against teams wearing white.
"The revenge bit is an Italian problem. Liverpool want to win a game of football. AC Milan want to put things right and 2005 will always be in the back of their mind."
BBC Five Live analyst Jan Molby
1911: But then again there was that nightmare from two years ago when they wore white on a black night against Liverpool in Istanbul. This has been dubbed variously as a mission for revenge and redemption.
1909: AC Milan came out of the hat as the home team but have opted to wear their away kit of all white, which has been dubbed the "maglia fortunata". Fortunate because they have been in white for five of their six European triumphs.
1905: Liverpool have also not won a game since securing their passage to Athens with a penalty shoot-out win against Chelsea. They have been ringing the changes as well in one draw and one loss - an infamous 'effort' at Fulham which helped the Londoners stay in the Premiership.
1904: No great surprise that AC Milan have selected a completely different XI to the one that lost at Udinese at the weekend. Since beating Manchester United to reach this final they have drawn two and lost one in Serie A.
1900: Darkness has descended over the Greek capital. It is two hours ahead out there. The AC Milan players are out starting their warm-up. Gennaro Gattuso is looking lively.
1855: But that is the same Rafael Benitez who has been acclaimed a "master tactician" in recent weeks so maybe he has spotted something and doesn't feel the need for Peter Crouch, his side's leading scorer in the Champions League this season. That's the first question sorted for you in our quiz, but give it a lash and see how you do.
1853: So then, Liverpool are going with a lone striker and one up could play into AC Milan's hands as it did when Manchester United went with the same tactic. Five Live commentator Alan Green has a "lot of reservations" over Rafael Benitez's selection.
1849: The teams are being read out over the PA in Athens to huge cheers for each player. Liverpool's Bolo Zenden is fit and Dirk Kuyt will be the lone striker. Pippo Inzaghi starts for AC Milan.
AC Milan team: Dida; Massimo Oddo, Alessandro Nesta, Paolo Maldini, Marek Jankulovski; Gennaro Gattuso, Andrea Pirlo, Massimo Ambrosini, Clarence Seedorf, Kaka; Filippo Inzaghi.
Liverpool team: Pepe Reina; Steve Finnan, Daniel Agger, Jamie Carragher, John-Arne Riise; Jermaine Pennant, Javier Mascherano, Xabi Alonso, Steven Gerrard, Bolo Zenden; Dirk Kuyt.
"The idea is to get Steven Gerrard on the ball as often as possible. He is the man who makes them tick. And there is a massive responsibility on Dirk Kuyt. He has to hold the ball up and wait for Gerrard to come up alongside him with Bolo Zenden and Jermaine Pennant."
BBC Five Live analyst Mark Lawrenson
Have you say on the teams...
1845: One hour to go and the crowd's filling up nicely in the Olympic Stadium. The bottom tiers are full and the upper tier is getting that way. Where's that team news?
"Champions league in name only. Neither Liverpool nor Milan won their league last year. What a joke. Liverpool are a million years from winning the Prem and Milan can only win by paying off the ref. Anyway the Apprentice is on BBC1 at 9pm so I'll watch that. I'm not bitter, just bemused."
Everton fan via text on 81111
"Does know one else think that Milan don't deserve to be in the competition? It disgusts me, someone who has got into the competition even thought they have been convicted of cheating."
plonkerdude on the 606 messageboards
1840: Liverpool tuned up for this with some warm-weather training in La Manga, but it could be wet in Athens. Check out the weather forecast. There's a sharp dagger of lightning coming from a grim, black cloud. Thundery showers are expected.
1836: Fellow former Liverpool defender and BBC Sport pundit Mark Lawrenson reckons it will go to penalties.
1835: Resident BBC Sport pundit Alan Hansen is flying in the face of the opinion of the money men and is "100% confident" Liverpool will win.
1833: A bookmaker seems the best place to start in an effort to get a grip on that question. AC Milan are the favourites tonight at 4/6. You can have a punt on Liverpool at 11/10.
1830: Sequels down at the cinema rarely live up to expectation - Pirates of the Caribbean anyone? But you have a feeling this could be a good night's entertainment. And the big question is who will walk off with the booty?