Manchester City lost on penalties to Olympiakos after a 2-2 draw, a result which put Liverpool into the International Champions Cup final.
Micah Richards fired his spot-kick over the crossbar in sudden death as City failed to overhaul Brendan Rodgers' Reds at the top of Group B.
Stevan Jovetic cut in off the left flank to open the scoring in the 35th minute at TCF Bank Stadium in Minneapolis but City's lead lasted just two minutes as Greece Under-21 striker Dimitrios Diamantakos levelled up the scoreline.
Diamantakos scored again midway through the second period but an Aleksandar Kolarov penalty with a minute remaining on the clock forced penalties.
Joe Hart made a superb save with an outstretched leg to keep City alive in the shootout and take it to sudden death, but Richards was the fall guy.
