Bayern Munich fans celebrate win

Team captain Stefan Effenberg holds the Champions League trophy

MUNICH, Germany -- Tens of thousands of Bayern Munich football fans are celebrating their team's dramatic victory in the prestigious European Champions League.

Bayern Munich beat Spanish side Valencia 5 – 4 on penalties in Milan’s San Siro stadium on Wednesday, regaining the cup after 25 years.

Munich city centre was completely blocked, with traffic brought to a standstill as fans let off fireworks, chanted football slogans, sounded car horns and packed bars.

"This is the best thing that has ever happened to me. It is amazing. We are going to keep going until the morning and then go straight to the Marienplatz," said 18-year-old Chris Juergens.

FROM CNNSI.com Champions League special

The Marienplatz square in the centre of Munich is where the fans will welcome their heroes back from Italy on Thursday.

Fans waving red, white and blue Bayern scarves mobbed a German television journalist reporting live from the scene, draping him with a club flag and spraying him with champagne and beer.

Police allowed fans to celebrate the long-awaited victory telling Reuters news agency: "As long as they don't do anything illegal, we'll let them party."

Bayern coach Ottmar Hitzfeld said: "It is great to be able to take the cup back to Munich. The Champions League is something unique for any club.”

Goalkeeper Oliver Kahn became the hero of the game when he made his third penalty save to block a kick by Valencia’s Mauricio Pellegrino.

Kahn then rushed toward the section filled with German supporters to celebrate as Valencia players collapsed to the ground in despair at the end of their second consecutive lost final.

Hitzfeld lavished praise on Kahn, saying he was “the absolute star and we have him to thank.”

Valencia's coach Hector Cuper called the penalty shootout "a lottery", while Hitzfeld said he could understand Valencia's disappointment at losing on a penalty.

"Losing on penalties always causes a great pain. It's perhaps unfair and Valencia deserved victory as much as we did," he said.

"I suffer with Valencia. I know what it's like to fall into the abyss. But in football you get a second chance quickly, that is one of the great things about the game.

"We got our second chance here and I am elated. After 25 years we have won this cup and the pressure has receded on us," Hitzfeld said.

Bayern Munich club president Franz Beckenbauer did not share Cuper’s view: "We were the more active and better side over 120 minutes.

"Naturally you have to be lucky to win in a penalty shoot-out but this team deserved it.”

The fulfilment of the 25-year dream of winning the Champions League brought reactions from all over Germany.

German Chancellor Gerhard Schroeder said: “This success will significantly boost German football and significantly strengthen self-confidence,” reported Sueddeutsche Zeitung.

Johannes Rau, German President, said: “It was a fantastic final. I congratulate Bavaria for winning the Champions League.”