After a cagey opening half with few clear chances, Mateta turned in a rebound for the game's only goal on 51 minutes, sending departing coach Oliver Glasner off in style.

Glasner signs off with a third trophy in two years as Palace manager, the most successful period in the club's history, after dashing Rayo's hopes of landing their first major silverware.

"The difference he (Glasner) has made in two and a half years is incredible," Palace midfielder Adam Wharton told TNT Sports.

"Three trophies, the first in the history of the club, first European competition and winning it.

"He's got to be one of the best managers Palace have had and he's made a huge difference to how the club looks at competitions now -- we're looking to win it."

The victory also completed Glasner's objective of returning Palace to the Europa League, the competition they qualified to play in this season before falling foul of multi-club ownership rules and being demoted to the Conference League.

The Austrian, already a Europa League champion with Eintracht Frankfurt in 2022, once again showed his excellence in knockout competitions.

Palace overcame the sales of star players Eberechi Eze and Marc Guehi this season, and the fallout from the latter's January move to Manchester City, to cap their first full venture into European competition with a title.

France striker Mateta, the hero on the night, was a failed medical away from leaving Palace for AC Milan this winter.

"I feel fantastic," said Mateta. "First time in Europe, we did it! Now I just want to celebrate, I just want to party.

"I'm tired, man. I gave everything. The team gave everything and that's why we won today."

Palace became the third London side in four years to win the competition, after West Ham in 2023 and Chelsea in 2025, demonstrating the Premier League's unmatched financial muscle.

With Aston Villa already Europa League winners, Premier League champions Arsenal can complete a clean sweep in European competition by beating Paris Saint-Germain in the Champions League final on Saturday.

- Wharton passed fit -

Palace received a boost just before kick-off when Wharton overcame an ankle injury to start.

Underdogs in their semi-final triumph over Strasbourg, who belong to the same BlueCo consortium which owns Chelsea, Rayo arrived in Leipzig riding a rich vein of form, unbeaten in nine matches.

With Rayo finishing eighth and Palace 15th in their respective domestic leagues, both knew victory on Wednesday was their only hope of returning to the European stage next season.

Rayo had the first chance of the match when Alemao flashed just wide of the post with 25 minutes gone.

Palace spurned a golden chance for the opener just before the break. Wharton looped an inch-perfect cross over the Rayo defence but Tyrick Mitchell's header floated just wide.

The game burst into life early in the second half as Palace eventually found their stride.

Rayo goalkeeper Augusto Batalla got two hands to Wharton's powerful shot from the edge of the box but could only parry the ball into the path of Mateta, who reacted quickly to tap home.

Palace came within inches of doubling their lead soon after, as Yeremy Pino crashed a free-kick against both posts. The ball ricocheted off a defender and struck the woodwork a third time before Rayo somehow managed to clear.

In truth, Palace were rarely troubled after taking the lead, keeping Rayo largely at bay and adding another trophy to last year's breakthrough FA Cup success and the Community Shield at the start of this season.