Liverpool 3 Borussia Monchengladbach 1
 
Watched by a crowd of 52,078, Liverpool took an early lead through Terry McDermott, but Allan Simonsen equalised for Mönchengladbach early in the second half. Liverpool regained the lead midway through the second half with a headed goal from Tommy Smith. A penalty by Phil Neal ensured Liverpool won the match 3–1 to secure their first European Cup. The victory was a year after they had won the UEFA Cup, which meant that Bob Paisley became the first manager to win the UEFA Cup and European Cup in successive seasons.