The game was a cagey affair in the first ten minutes but it sparked into life in the eleventh minute when Konstantinos Apostopoulos' free-kick from the left found Nikolaos Giannitsanis unmarked eight metres out but his flicked header looped over the crossbar.
Two minutes later Martin Kozuharov blasted a snap-volley straight at the Panathinaikos goalkeepr from a tight angle and long-range free-kick from Alejandro Raya was well gathered by keeper Georgios Kollias as Real pressed for the opening goal. Pana had opportunites of their own though and Apostopoulos should have done better with a volley from 12 metres after pouncing on Fernando Alvarez' wayward header back to the keeper.
The goals didn't come though and the second half was notable only for its close, competitive nature and the free-kicks that provided the only efforts on goal, to no avail.
It was therefore left to the penalty shootout to separate the teams in the group, both having won their first matches 4-2, and as is so often the case it was a goalkeeper who became the hero, captain Kollias saving Jorge Candela's penalty and then watching Spyridon Fourlanos fire home the winning penalty for a 3-1 shootout win.
This means that Panathinaikos progress to Monday's Final as group A winners while Real Madrid must settle for participation in the bronze-medal match. Their opponents will be decided after today's GRoup B match.
Real Madrid-Panathinaikos 0-0
Felcsút, Ref: Vad
Real Madrid: Soria Solis - Carmona Velasco,Alvarez, Raya, MInguez - Kozhuharov, Martin, Exposito, Cabezali - Gomez, Gonzalez
Panathinaikos: Kollias - Marikanis, Koj, Tryanatfillopulos, Kasapakis - Anasatasopulos, Andreopulos, Furlanos - Mavrias, Apostopuklos, Giannitsanis
