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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The start of the 2017-18 Premier League season is just around the corner and is shaping up to be one of the most competitive yet.
As always it is the so called “big clubs” that have splashed the most cash in the transfer window so far this summer. Manchester United or City? Arsenal or Tottenham? Who are the winners and losers of the transfer window so far?