They were one of four teams who took part in the very first tournament in 1916 in Argentina but the best they had ever done was finishing as runner-up, a feat they have achieved on four occasions (1955, 1956, 1979 and 1987).
Higuain had earlier missed a good chance towards the end of 90 minutes and could not make matters better when he failed to convert his penalty.
Sanchez came closest in extra time for Chile, who scored all four of their penalties in the shootout.
Jorge Sampaoli the Chile coach was pleased stating how Alexis Sánchez penalty gave him unbelievable joy,” he said in the press conference after the match. “Alexis’ penalty gave me an unbelievable joy”
He continued, “These players did a great job. They went out in search of this Copa. I didn’t see one play in the whole competition to suggest that Chile was not better than their rivals.”
Argentina came into the final as slight favorites with a superb record of 6 wins, 3 draws and only one loss against Chile but could not avoid defeat in the final.
The Le Albiceleste had also demolished Paraguay 6-1 in the semi-finals and with four-time Ballon d’Or winner Lionel Messi aiming for a major trophy, they were expected to win the Copa America tournament but still fell short.
The result extended Argetina’s 22year title drought since winning the 1993 Copa America in Ecuador and Messi continues to face criticism of below performances on the national team.
Argentina’s disappointment comes less than a year since the 1-0 loss to Germany in the 2014 World Cup final in Brazil.
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