Real captain Bristol's delightful free-kick had set his team on their way after eight minutes but they were soon pegged back by Honvéd defender Marcell Machalek's close-range finish and in the end had to hang on for a penalty shootout when first David Portundo Munoz then Prudencio Saez Cabanes were dismissed from the field of play either side of the hour mark.
It was a tentative start by both teams who were clearly conscious of each other's impressive attacking form. However, it wasn't long before the game's first goal arrivedn just the eighth minute of the game Machalek conceded a foul in the right channel 20 metres from goal and the resultant right-footed free-kick from R10 flew over the wall and arced away from Hernádi before nestling in the far left corner of the net.
Eight minutes later though Machalek turned from zero to hero, Lőrinczy's corner being headed back across goal by Pantovic and the Honvéd left-back capitalising on the goalkeeper's spillage to crash the ball into the roof of the net from close range.
Halfway through the first period Bristol nearly restored the Spanish side's early lead but István Hernádi blocked his shot after a cross found him all alone ten metres out. Then, on 32 minutes, it was Honvéd's turn to threaten when Nikola Pantovic was Pantovic sent through one on one, but he could only drag his shot across goal and outside the far left post from 10 metres.
It was a very closely contested match throughout but Honvéd must have thought they'd gained a match-winning advantage when not one but two Real Madrid players received red cards within 11 minutes of each other. Firstly, David Portundo Munoz was dismissed for pulling back Pantovic when clean through on goal on 55 minutes and eleven minutes later Prudencio Saez Cabanes also saw red for going in over the top with a dangerous tackle on Machalek.
However, the Hungarian club could not make their two-man advantage count, their only chance of note coming in the 73rd minute when substitute Holender cut inside but his fierce shot was straight at Ramos and it was turned it behind for a corner.
So Real managed to take it to a tense and enthralling penalty shootout conclusion but they could not complete the rearguard action, Alejandro Jimenez Exposito being the unfortunate player to fail from 11 metres when Hernádi plunged low to his left to save his shot. Holender set the final shootout result at 5-3 by converting the winning penalty to spark wild celebrations amongst the players in red and black and crown Budapest Honved 2011 PUSKÁS-SUZUKI CUP Champions!
Real Madrid: Ramos, Hernández, Munoz, Mateos (PE González 73'), Cabanes, Bristol, Aceituno (FG González 77'), Jiménez, Rodríguez, Lozano (Cardona 59'), Balaguer (Acevedo 56').
Goals: Bristol 8'.
Yellow Cards: none.
Red cards: Munoz 55'; Cabanes.
Honvéd: Hernádi, Machalek (Balogh 70'), Csorníj, Szilvási, Ihring-Farkas (Holender 63'), Karacs, Lőrinczy, Pantovic, Csemer, Farkas (Daru 75'), Botka.
Goals: Machalek 16.
Yellow Cards: Ihring-Farkas 56', Machalek 64'.
