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GOALKEEPER David James was the hero as Portsmouth withstood a Liverpool barrage before snatching the Asia Trophy 4-2 on penalties overnight.
James saved spot-kicks from new signings Fernando Torres and Yossi Benayoun as the underdog completed an unlikely win after almost constant pressure from the Champions League finalist.
In a dress-rehearsal for the new English Premier League season, Liverpool's new-look attack laid siege to the Portsmouth goal without finding a way past the brilliant but unpredictable "Calamity" James.
"We dominated the game, we had more possession and more chances but we couldn't take our chances," said Liverpool manager.
"We went into penalties against a very good goalkeeper and we just couldn't win it.
Portsmouth's Harry Redknapp praised a hard-working performance by his team, which outlasted Liverpool in sweltering conditions before delivering the sucker-punch.
"Liverpool are a great team, we had to hang in there and work and it wasn't easy," said Redknapp.
"David James is the best goalkeeper and we're very fortunate to have him. (Former goalkeeper) Dave Beasant said he's worth 15 points a year to the team and he's not exaggerating."
In the third and fourth-place play-off, Fulham defeated Hong Kong's South China 4-1 with goals from Boupa Diop (21 minutes), Bocanegra (47), Healy (74) and McBride (83). Barros (52) repleid for the home side.
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