Arsenal's European Cup dream was shattered by two late Barcelona goals.
The Gunners, who played for 72 minutes with ten men after Jens Lehmann was sent off, led the 2006 Champions League final through Sol Campbell's 37th-minute header.
They hung on until the 76th minute, at times under siege from the Spanish champions.
But Samuel Eto'o levelled and sub Juliano Belletti smashed in the winner nine minutes from time as Barcelona won their first European Cup for 14 years.
Arsenal were left to wonder what might have been if Lehmann had not been sent off so early in the game.
It was billed as the ''dream final'' but it turned ugly for the Gunners in the 18th minute when Eto'o's electric pace took him clear of the defence.
The Cameroon striker was also too quick for Lehmann, who rushed out of his goal and tripped the striker, clipping an ankle with his hand.
The ball rolled to Ludovic Giuly, who put the ball into the empty net, but referee Terje Hauge had blown for a free-kick, a yard outside the penalty area.
And Arsenal's German international goalkeeper, outstanding all season, was shown the red card.
He became the first player to be sent off in a Champions League final and the 63rd red card of Arsene Wenger's decade at the club.
Manuel Almunia was sent on and Robert Pires, probably making his final appearance for the club before a move to Villareal, had to come off.
It was a clear foul and a sending off offence but neither team were happy.
Barca would have preferred the goal, especially when Ronaldinho narrowly missed the target with the free-kick.
For Arsenal, however, it was a hammer blow after a bright start.
Henry almost scored in the third minute when he nipped in front of Rafael Marquez to reach a low cross from Alexander Hleb but the shot was smartly blocked by Victor Valdes.
The Barca goalkeeper made another fine save from Henry seconds later, and the game pulsated from end to end.
Lehmann denied Giuly at the near-post, Ronaldinho swerved a free-kick wide and Deco drew another save from the German keeper.
The red card for Lehmann inevitably changed the game, with Arsenal unable to get forward in numbers, but the Gunners stole into the lead through Campbell in the 37th minute.
Emmanuel Eboue raided down the right and won a free-kick when Carles Puyol came across to challenge.
Puyol was furious with the decision because he barely made any contact with Arsenal's Ivory Coast defender.
But Henry swung the ball into the penalty area and Campbell escaped his marker Oleguer to jump and power a bullet of a header into the corner of the net.
It has been a difficult season for Campbell. He seemed on the brink of quitting in February when he walked out on the team at half-time in a Barclays Premiership against West Ham.
Injuries delayed his return but he was restored to the team when Philippe Senderos injured his knee.
It was his first Champions League goal and the big England defender let out a joyous roar as he wheeled away in celebration.
Henry pressed the index fingers of each hand to his temples. It was a message to focus because Barcelona were sure to hit back.
Almunia had to make a fantastic reflex save in first-half stoppage-time.
Eto'o received the ball with his back to goal and spun past Campbell on the edge of the box.
He had only Almunia to beat but the Spanish goalkeeper turned the shot on to the post with his fingertips.
As the rain poured down Arsenal put up a protective shield of yellow shirts around the edge of their penalty area.
Barcelona, who dumped Chelsea out in the second round, replaced holding midfielder Edmilson with Andres Iniesta at half-time and surged forward.
Almunia made saves from Deco and Iniesta, Ronaldinho miscued in front of goal and Barca appeals for a penalty for handball against Kolo Toure were ignored.
Barcelona left holes at the back as they took risks going forward and Arsenal could have extended their lead more than once.
Hleb fired wide and Valdes saved from Henry and Freddie Ljungberg before the Spanish champions drew level.
Eto'o slipped into the penalty area to collect a deft flick from sub Henrik Larsson and finished with a side-footer into a tiny gap left by Almunia at his near-post.
Arsenal were rocked and Barca saw their chance against a tiring team reeling from a serious psychological blow.
They streamed forward again and were in the lead five minutes later.
Larsson unlocked the defence again, this time with a short pass inside Ashley Cole.
Sub Belletti had only been on the pitch nine minutes. He was full of running as he latched on to it and drove it into the net from a narrow angle through Almunia's legs.
Fifty years after Real Madrid lifted the first European Cup in Paris, their great rivals Barcelona had done the same.
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