Football isn't always fair, and if you ask any Panamanian fan about that humid night in July 2023 at SoFi Stadium, they’ll probably just shake their head. For 88 minutes, it felt like the Panama vs Mexico final was destined for the slog of extra time. Panama, the underdog "Canaleros," had played with a discipline that frankly made the giants of CONCACAF look a little rattled.
Then came the kid.
Santiago Giménez, the Feyenoord striker who had spent most of the tournament frustrated on the bench, didn’t just score a goal. He authored a moment that felt like a seismic shift for Mexican football. He caught a pass from Orbelín Pineda near the center circle, spun Harold Cummings like a top, and took off. When the ball hit the back of the net, the noise inside that stadium—packed with over 72,000 people—was enough to rattle your teeth.
Why the 2023 Panama vs Mexico Final Was Different
Most people think Mexico just wins these things because they're "Mexico." But going into this particular final, the vibes were terrible. They had just fired Diego Cocca after a humiliating Nations League loss to the U.S. and were playing under an interim manager, Jaime Lozano.
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Panama, meanwhile, was riding a wave. They hadn't just reached the final; they had bounced the United States in the semis. They weren't supposed to be "scared" of El Tri anymore. And for most of the match, they weren't. Thomas Christiansen, the Danish-born coach of Panama, had his team playing a brand of football that was arguably more attractive than Mexico’s direct approach.
The VAR Heartbreak
About 33 minutes in, Henry Martín thought he’d broken the deadlock. The stadium erupted. But then, that cold, clinical hand of VAR reached down. Offside. Goal chalked off. You could feel the air leave the stadium. It felt like one of those nights where the ball just wasn't going to go in.
Panama's Orlando Mosquera was playing like a man possessed. He pulled off a double save against Pineda and Martín that should have been physically impossible. Honestly, by the time the second half rolled around, Panama looked like the team more likely to score. Alberto Quintero had a header that missed the far post by a literal inch.
Breaking Down the "Santi Moment"
It’s easy to look at the scoreline and see 1-0. It doesn't tell the story. The Panama vs Mexico final was a battle of attrition. Mexico was starting to look tired, their passes getting sloppy. Lozano made the call in the 85th minute: Henry Martín out, Santi Giménez in.
Three minutes later, it happened.
- The Turnover: Edson Álvarez makes a sliding block to stop a Panama cross.
- The Vision: Orbelín Pineda picks up the scrap and spots Santi at the halfway line.
- The Strength: Santi receives the ball with his back to the goal, feels the defender, and uses a subtle shimmy to break free.
- The Sprint: He outpaced the Panamanian defense for 40 yards.
- The Finish: A scuffed, left-footed shot that didn't need to be pretty—it just needed to be past Mosquera.
That goal didn't just win a trophy; it secured Mexico’s ninth Gold Cup title, a record that puts them two ahead of the United States.
The 2025 Rematch: Did Lightning Strike Twice?
Fast forward to March 2025. The setting was the same—SoFi Stadium—but the stakes were the CONCACAF Nations League Final. If the 2023 match was a tactical chess game, the 2025 Panama vs Mexico final was a heavyweight brawl.
Raúl Jiménez, the veteran who many thought was "washed," scored twice. Panama’s Adalberto Carrasquilla, arguably the best player in Central America right now, scored a penalty to keep things tense, but Mexico pulled it off 2-1. This win was significant because it was Mexico's first-ever Nations League title, finally breaking the U.S. stranglehold on that specific trophy.
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Key Stats from the Rivalry
| Match | Result | Key Scorer | Significance |
|---|---|---|---|
| 2023 Gold Cup Final | 1-0 Mexico | Santi Giménez | Mexico's 9th Gold Cup title |
| 2025 Nations League Final | 2-1 Mexico | Raúl Jiménez | First NL title for El Tri |
Mexico now holds a staggering head-to-head record against Panama: 22 wins, 6 draws, and only 2 losses. But those numbers are deceptive. If you actually watch the games, Panama has closed the gap significantly. They no longer "park the bus." They play.
What Most People Get Wrong About Panama
There’s a misconception that Panama is just a "physical" team. That’s old-school thinking. Under Thomas Christiansen, they’ve become a possession-based side. In the 2023 final, they actually held their own in possession (47% to Mexico's 53%), which is unheard of for an underdog at SoFi Stadium.
They aren't just "happy to be there" anymore. When they lost in 2023, the players didn't take off their silver medals. Christiansen told them to keep them on. He wanted them to feel the pride of having dominated the U.S. and nearly taking Mexico to the brink.
How This Impacts the 2026 World Cup
Mexico is co-hosting the 2026 World Cup. These finals against Panama have been more than just trophy hunts; they've been survival tests. For Mexico, the emergence of a strike partnership between the "two Jiménez's" (Santi and Raúl) gives them a tactical flexibility they lacked under Tata Martino.
For Panama, these losses are building blocks. They are now consistently the third-best team in the region, often looking more organized than Canada or the U.S. in high-pressure moments.
Moving Forward: What to Watch For
If you’re following this rivalry, keep an eye on these specific threads:
- Santi Giménez’s Growth: Since that 2023 goal, his confidence on the international stage has skyrocketed. He is no longer a "super-sub"; he is the focal point.
- Panama’s Midfield: Adalberto Carrasquilla is the real deal. He won Player of the Tournament in 2023 for a reason. If he moves to a top European league, Panama’s ceiling gets even higher.
- The Venue Factor: SoFi Stadium has become a home away from home for Mexico. Any final held there is essentially a home game for El Tri, which is a massive psychological hurdle for any opponent.
The Panama vs Mexico final isn't just a football match anymore. It’s a recurring drama about a regional king trying to keep its crown while a hungry, well-coached neighbor tries to snatch it away.
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To truly understand where CONCACAF is heading before the 2026 World Cup, you have to look at the tactical shifts Panama has made. Study the way they utilize their wing-backs to stretch Mexico's aging defense. Watch the tape of the 2025 final to see how Mexico has learned to handle high-press situations that used to rattle them. The gap is closing, and the next time these two meet in a final, don't be surprised if the result finally flips.