After Ousmane Dembele equalised from the spot in the second-half, the two sides could not be separated after 120 minutes of football with penalties deciding matters.
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While David Raya was able to deny Nuno Mendes to level things up again, Lucas Beraldo found the net, leaving Arsenal needing to score to force sudden death.
Rice spoke to TNT Sports after the game and praised the impact of both Gabriel and Eze this season in helping get the Gunners over the line in the Premier League title race.
Gabriel sent his penalty over the bar (Picture: James Gill – Danehouse/Getty Images)
While both were distraught in the dressing room, the England international insisted both will bounce back.
‘They are devastated to miss a penalty in the Champions League final,’ Rice said.
‘It is not nice. But we love them, we are with them and that happens in football. They are not going to be the last players to miss penalties in finals.
‘Everyone has missed a penalty and without those two this season we wouldn’t have won the Premier League, that is for sure.
Rice praised Gabriel and Eze for their contributions this season (Picture: Getty)
‘I’ve ran out of words for Gabriel, as a person, as a player. Eze as well. the crucial goals he has come up with this year. It is cruel, but its football.’
While the night ended in heartbreak, Mikel Arteta was left immensely proud of his squad.
‘I am so proud of them, with this season we have had under the circumstances. Internally, we know what we have been through,’ he said.
‘It is just a privilege to manage this group of players and this team the way they carry this badge and how much they put into it. We got a big one [Premier League] and missed out on the biggest one.’
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