May 23, 1973 - Bökelbergstadion: Borussia Mönchengladbach 2-0 Liverpool
Liverpool secured their debut European honour in the return fixture almost two weeks later, but they were given a mighty fright by Gladbach.
Complacency may have set in for the Reds with such a commanding first-leg lead, as Jupp Heynckes' brace after 40 minutes brought the final - which had seemed to be settled - well alive.
However, the experience of Tommy Smith, Emlyn Hughes and Ian Callaghan weathered the storm of Johannes Weisweiler's side to earn the club its first trophy in European competition.
Bill Shankly knew the cup success would kick-start an era of dominance on the biggest stage.
"The people on the continent are beginning to get frightened of Liverpool," he said.
"It is our first European triumph. We've had some near misses but there could be more success to come."
His German counterpart was similar in his assessment.
"They are very strong and one of the best teams in Europe without doubt," Weisweiler admitted.