In arguably one of the most thrilling title games ever seen in European club basketball, CSKA Moscow won the Euroleague crown for the first time in 35 years and ended Maccabi Tel Aviv's dynasty with a 73-69 victory in the final in front of almost 17,000 fans at the state-of-the-art Sazka Arena in Prague, the Czech Republic. Theodoros Papaloukas scored 18 points and dished 7 assists to lead the winners and earn MVP honors off the bench. CSKA was in its fourth consecutive Final Four but won the title in its first final since 1973. Maccabi lost the chance to become the the third team in Euroleague history to win three straight titles, a feat that still belongs only to ASK Riga and Split. At the same time, CSKA matched Varese and Maccabi for second place on the all-time list of winners, each with 5 titles. David Vanterpool added 16 points while Matjaz Smodis had 12 for CSKA. Will Solomon led Maccabi with 20 points. Trajan Langdon and Smodis struck from downtown in a 10-1 run which put CSKA in charge for good late in the game, enough for all CSKA fans to celebrate a historical win.

Tau Ceramica finished the 2005-06 Euroleague season with a prestigious win by topping Winterthur FC Barcelona 82-87 in the Third Place game at Prague's Sazka Arena. Predrag Drobnjak paced the winners with 19 points and 7 rebounds. Travis Hansen added 15 - all in the first half - while Serkan Erdogan added 14 off the bench for Tau. Gregor Fucka and Juan Carlos Navarro each had 20 points for Barcelona, that lost its fourth Final Four Third Place game in as many appearances. Bootsy Thornton added 18 points for Barcelona, that rallied from an 11-point halftime deficit to get a brief 60-58 late in the third quarter. Luis Scola, Drobnjak and Erdogan helped Tau to seal the outcome down the stretch.

In a rematch of the 2005 final, Maccabi Elite Tel Aviv got closer to win its third consecutive Euroleague title by downing Tau Ceramica 85-70 in the first Final Four semifinal game at sold-out Sazka Arena in Prague. Maceo Baston paced the winners with 20 points, 7 rebounds and 6 blocks to help Maccabi to make it to its seventh Euroleague final. Meanwhile, Tau lost the chance to reach its third Euroleague final after previous appearances in 2001 and 2005. Reigning Euroleague MVP Anthony Parker had all his 19 points in the first half while Nikola Vujcic added 16, 8 rebounds and 7 assists for Maccabi, supported by a majority of fans in the stands. Luis Scola led Tau Ceramica with 17 points while Travis Hansen had 15. In addition to clinching a spot in the final, Maccabi advanced to the first annual NBA Europe Live tournament in Cologne, Germany in October 2006. Maccabi led 51-32 at halftime and boosted its margin to 77-48 after 30 minutes to seal the outcome.

CSKA Moscow returned to the Euroleague championship game for the first time in 33 years by rallying to beat Winterthur FC Barcelona 75-84 in their Euroleague semifinals on Friday night at sold-out Sazka Arena in Prague. Theodoros Papaloukas and J.R. Holden led the winners each with 19 points. Holden had all his points in the last 23 minutes, helping CSKA to win the game and end a string of three semifinals losses in a row since 2003. Matjaz Smodis had 17 points and 12 rebounds for a double-double while Trajan Langdon had 13 points for CSKA. Shammond Williams led Barcelona with 24 points while Bootsy Thornton had 15 off the bench. In addition to clinching a spot in the final, CSKA advanced to the first annual NBA Europe Live tournament in Cologne, Germany in October 2006. CSKA trailed 45-34 early in the third quarter but Papaloukas had 8 points in a 0-13 run that got his team back in the game. A 1-9 run that Smodis capped with a triple sealed the outcome, 64-72, with 2:40 remaining.