In the pool in Paris, as they sought to repeat the gold medal miracle of Sydney 2000, the Australian women’s water polo team have ridden their luck. In the run to Saturday’s final, three shootouts, including one which went to sudden death, had gone their way. But against Spain, with a gold medal on the line, their luck finally ran out.

Initially, though, at La Défense Arena that element of good fortune appeared to still be on their side. As the game progressed and Spain extended their advantage, it felt like the Tokyo silver medallists were getting away from the Stingers. But again, and again, and again, just when the lead was on the verge of becoming unassailable, the Australians would hit back. It was plucky, it was fortuitous. Despite Spain being the better team, Australia opened the final quarter just two goals down.

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The legacy of that Sydney 2000 gold medal loomed large. Twenty-four years ago was the Olympic debut for women’s water polo (despite the sport being the oldest men’s team sport on the Games program), and Australia’s last-second win over the United States was a cult moment midway through those home Games.

Until Paris, the Stingers had never returned to the gold medal match. In the Arena, two players from that 2000 squad were with the team in coaching and administrative capacities. Another gold medallist was in the crowd as an Olympic delegate; another member of that golden team is involved with the Stingers as a selector.

But eventually, luck runs out. And as Spain extended their lead to three halfway through the final quarter, it seemed as if the Stingers’ good fortune had finally turned. The Stingers had been stung by Spain. As the clock ticked down, the Australians fought valiantly – Alice Williams adding her fourth to bring the Spanish lead back within sight, before Spain hit back again. The Spanish goalkeeper Laura Ester Ramos was immense for the entire 32 minutes, pulling out some remarkable saves, while Spain’s defence gave Australia their toughest test of the Games.

A late goal for Australia, from Sienna Hearn, lifted hopes of yet another implausible – but somehow seemingly inevitable – fightback. Another from Williams, with 19 seconds on the clock, brought the game within two. But there was insufficient time remaining. The Spanish flags in the crowd, which considerably outnumbered Australian colours, were waved ecstatically. Australia have had an excellent Olympic performance, beating the Americans, finishing with their best placing in 24 years. But it was not enough to get the Stingers past this formidable Spanish team, silver medallists three years ago and now champions in Paris.

“It’s obviously a disappointing result – we would have liked to have clinched a gold there,” said Bronte Halligan. “But all credit to all of us, all the chicks, and to Spain, they had an amazing game. We really left it all out there in the pool – and that’s all you can ask for as a teammate. It’s been an amazing Olympics, we’ve had the best time. We’ve been living moment by moment – and I don’t think any of us have any regrets.”

Twenty-seven-year-old Halligan, who has been playing for Australia for a decade now, said she hoped the team’s exhilarating run to the final would encourage interest in the sport back home. “We hope we’ve inspired little girls back home to come try the sport out, because it’s so fun – we have the best time playing it,” she said.

24 years on from Sydney, the Stingers hope that Paris is another legacy moment for Australian water polo. “We’ve got two Olympic gold medallists sitting on our bench with us, riding the wave with us,” Halligan added. “They have inspired our generation and we hope we did the same. It’s not gold, but it’s a silver and we’re really damn proud of it.”