J.R. Holden's jumper with 2.1 seconds left secured Russia their first-ever EuroBasket title with a thrilling 60-59 victory over reigning world champions and hosts Spain.
Pau Gasol had a chance to win the game at the buzzer but his mid-range jumpshot went in and out, leaving Spain to collect their sixth European silver medal.
Spain coach Pepu Hernandez will continue to lead the team through next year's Olympic Games, the Spanish Basketball Federation has confirmed.
EuroBasket hosts and favourites Spain were upset by Russia in the gold medal game on Sunday night and Hernandez said he was unsure if he would be allowed to remain in charge.
When Russia take on Spain in Sunday's EuroBasket final, European basketball will witness a true David (Blatt) and Goliath showdown.
Russia's aim before this year's EuroBasket was to qualify for the Olympics.
A new EuroBasket champion will be crowned in Madrid after reigning world title-holders and hosts Spain dethroned Greece 82-77 in the semi-finals of the 2007 EuroBasket.
The trio combined for 64 points and Calderon's three-pointer and break-away lay-up started and finished a crucial 9-1 run which turned a 67-65 Greece lead into a 74-68 advantage for the Iberians.
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