Jordan Henderson had his spot kick saved by Atleti goalkeeper Miguel Moya, while the Spaniards netted all of their pens to win the pre-season tournament.

Keidi Bare gave Atletico the lead in the first period, but substitute Roberto Firmino levelled things up from the spot late on to force the shootout.

The Reds carved out the first chance of the evening in the 11th minute when Dominic Solanke got his head to Ben Woodburn's cross at the far post, but his glancing effort dipped narrowly wide.

Liverpool were on the front foot again in the 15th minute following trickery by Adam Lallana, whose deft cross was volleyed goalwards by Woodburn, floating just wide of the far post.

Jurgen Klopp's side fell behind against the run of play thanks to some slack defending. Danny Ward produced a reaction stop to keep out Angel Correa's initial strike and tip it onto the bar, but when none of his teammates cleared the rebound, Bare pounced and nodded it over the line.

Liverpool made a flurry of substitutions in the second period and created more in front of goal, coming close straight from the restart when Henderson picked out Solanke with a long ball and the youngster hit it on the turn, his effort deflecting over for a corner.

Divock Origi caused the Spaniards a few problems in the final third and it was the Belgian who won the Reds their penalty kick with less than 10 minutes remaining when he was bundled over by Gabi.

Firmino stepped up and sent Moya the wrong way to level the match at 1-1, and that is the way it stayed after 90 minutes.

Atletico were clinical with their spot kicks, scoring all five, while Liverpool could only manage four.

Henderson was the guilty party, placing his kick too close to Moya and getting little power behind it.

It fell to Filipe Luis to seal the Audi Cup for Atleti, and he made no mistake from 12 yards, taking his time with his run-up before blazing the ball beyond Ward's reach.