The Gunners lost 4-3 to PSG on penalties in Budapest after a 1-1 draw at the end of 120 minutes of open play.

Kai Havertz put Arsenal ahead inside six minutes, but that was the only shot on target for Mikel Arteta's team.

Ousmane Dembele equalised for PSG from the spot in the 65th minute, and after a tense period of extra-time, Luis Enrique's team came out on top in the shootout after Gabriel Magalhaes sliced the 10th kick over the crossbar.

"It's gutting, it's devastating to lose a Champions League final on penalties," Rice said.

"We've tried to take a lot of perspective on how far we've come as a group. We've had an incredible season. We've given it absolutely everything – we took the game to penalties. It's a lottery. You either win on pens or lose on pens; some of the best teams ever have lost on penalties in finals.

"It's sad to see the season end with that but we win together and lose together. What a season, it's been incredible. I'm obviously gutted but I'm trying to take a bit of perspective, from where we started at last July to where we are now, it's been an incredible journey this season, so we'll be back."

Eberechi Eze also missed a penalty, prior to Gabriel's, but that was cancelled out when Nuno Mendes saw the next penalty for PSG saved by Arsenal goalkeepr David Raya.

"They're devastated, to miss a penalty in the Champions League final isn't nice," Rice said of his two team-mates.

"But we're with them, we love them. It happens in football. They're not going to be the last players to miss penalties in finals and without them this season, we wouldn't have won the Premier League, I'm sure. It happens, it's cruel, but we take the positives and keep going."

Arsenal’s possession average of 24.7 per cent was the lowest by a team in a UEFA Champions League final on record since 2003-2004, as well as its lowest in any match under Arteta where it had 11 men on the pitch throughout, but Rice defended his side's approach.

"Against PSG you need to be mentally on it," Rice said.

"I'm sure a lot of people will have wanted a game like how Bayern Munich played against them, but if we' d have gone out there and played like that, that's what they want and how they score five or six.

"I think as the game went on we really grew and had some chances and nullified them. But credit to them – they've lost loads over the years and now it's their time. Small losses, and that's what we've got, now we have to keep pushing and try for something big."

Having played 226 European/UEFA Champions League matches, Arsenal remains the team with the most games the history of those competitions never to lift the trophy.