Having come back to beat Newell’s Old Boys on penalties in the last round, Atletico were buoyed by Jo’s goal just after half time.
Leonardo Silva then struck a second to draw the scores level whilst Olimipia of Paraguay, three times winners, had a man sent off just before the end of normal time.
Matias Gimenez missed the crucial penalty in the shoot out for Olimipia as they lost the chance of their fourth title – instead Atletico claimed their first ever Copa Libertadores.
Ronaldinho also became one of a select group of players to have won both the Copa Libertadores and the Champions League.
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Liverpool have unveiled their new home kit for next season, sticking with the hugely popular retro styling of the current shirt.
The reputation of the Premier League means it is the most popular and one of the most watched leagues in the world.