Football: Copa Libertadores
Published Friday, October 23, 12:14 a.m. ET (1:14 a.m. Montevideo) · Source: CONMEBOL fixtures, La Nación, Infobae, El Universo
Estudiantes de La Plata, a club from Argentina, beat Brazil’s Flamengo 3-2 on penalties on Thursday night and will meet Palmeiras in the Libertadores final.
Estudiantes, four-time champion of South America’s top club tournament, drew 0-0 with Flamengo at the Maracanã in Rio de Janeiro on Thursday, 22 October 2026. The first leg had also finished 0-0, so the semi-final went to a penalty shootout.
The Argentines now face Palmeiras of São Paulo in the Copa Libertadores final 2026 on Saturday, 28 November, at the Estadio Centenario in Montevideo, Uruguay. Palmeiras had already reached the final on Wednesday after beating Fluminense on penalties.
Key Facts
—Result. Estudiantes beat Flamengo 3-2 on penalties after two 0-0 draws.
—Final. Palmeiras against Estudiantes, Saturday, 28 November 2026.
—Venue. Estadio Centenario, Montevideo, Uruguay.
—Kick-off. Not yet confirmed. Montevideo is two hours ahead of Eastern Time in November.
—Hero. Goalkeeper Fernando Muslera saved three Flamengo penalties.
—Prediction markets. Polymarket prices Palmeiras at 67.0%, Estudiantes at 31.6% (Oct 23, 12:10 a.m. ET).
This story is part of our coverage of the Copa Libertadores final 2026. Dates, times and how to follow it are in our guide.
In plain English
The Copa Libertadores is South America’s biggest club tournament, the equivalent of the UEFA Champions League. The final is one match, and a level game can go to extra time and then penalty kicks.
How Estudiantes Reached the Final
Estudiantes played with ten men for most of the second half after a player was sent off early in the period. Muslera, the Uruguayan goalkeeper, saved the kicks of Jorginho, Lucas Paquetá and Bruno Henrique in the shootout, La Nación reported.
Estudiantes won the shootout 3-2 and reached the final for the first time since it won the title in 2009. Flamengo, the Rio club, went out on penalties after two goalless draws.
What the Final Looks Like
Palmeiras, the São Paulo club, has won the Libertadores three times (1999, 2020, 2021) and will seek a fourth title. Estudiantes won four titles (1968, 1969, 1970, 2009) and will seek a fifth.
The two clubs have met in a final before: Estudiantes won the 1968 title against Palmeiras. The 2026 decider is a single match at the Estadio Centenario in Montevideo.
What Prediction Markets Say
Polymarket, a real-money prediction platform, priced Palmeiras at 67.0% to win the 2026 title at 12:10 a.m. ET on 23 October, ahead of Estudiantes at 31.6%. About US$37,700 had been traded on that market.
Kalshi, a prediction market regulated in the US by the Commodity Futures Trading Commission (CFTC), showed Palmeiras at 65.0% and Estudiantes at 27.0% at the same time. These prices are bets, not polls.
Why we show this: prediction markets turn real-money bets into a live probability that moves within minutes of the news, which is why investors, campaigns and newsrooms in the United States now follow them closely. We show them next to polls and official results, never instead of them.
What It Means for US Readers
Fans in the US can treat the Libertadores final as South America’s Champions League decider, played on the Saturday after Thanksgiving. Travellers to Montevideo should wait for CONMEBOL’s ticket and kick-off announcements before booking.
What Is Not Known
The kick-off time, ticket prices and US broadcaster for the final have not been confirmed in the reports reviewed. Injury and suspension lists for the final are also not yet known.
Frequently Asked Questions
Who will play in the Copa Libertadores final?
Palmeiras of Brazil will meet Estudiantes de La Plata of Argentina. Estudiantes beat Flamengo 3-2 on penalties on Thursday, 22 October 2026, after two 0-0 draws.
When and where is the final?
The final is on Saturday, 28 November 2026, at the Estadio Centenario in Montevideo, Uruguay. The kick-off time has not been confirmed in the reports reviewed.
How did Estudiantes beat Flamengo?
The second leg at the Maracanã in Rio de Janeiro ended 0-0, as did the first. Goalkeeper Fernando Muslera saved three Flamengo penalties and Estudiantes won the shootout 3-2.
Who do prediction markets favour?
Polymarket priced Palmeiras at 67.0% and Estudiantes at 31.6% at 12:10 a.m. ET on 23 October. These prices are real-money bets, not polls.
How many Libertadores titles do the finalists have?
Palmeiras has won three, in 1999, 2020 and 2021. Estudiantes has won four, in 1968, 1969, 1970 and 2009.
Sources: La Nación, Infobae, El Universo, Polymarket, Kalshi, CONMEBOL.
Editorial responsibility: Matthias Camenzind, Editor-in-Chief · Editorial standards · Report an error