Olimpia 0 - 2 Real Madrid

Real, who won the competition in 1960 and 1998, went ahead in the 14th minute at International Stadium when Brazil striker Ronaldo finished clinically from just inside the box after Raul had cleverly dummied a left-wing cross from Roberto Carlos.

Substitute Guti, on as a late substitute for Ronaldo, added a richly deserved second for Real with his first touch, heading in a right-wing cross from Luis Figo in the 84th minute to exorcise the ghosts of the 2-1 defeat to Boca Juniors two years ago.

However, it could have been a different story if Olimpia striker Rodrigo Lopez had not volleyed a wicked cross from right-back Nestor Isasi against the post moments after Ronaldo's opener.

Ronaldo memorably scored twice to give Brazil a 2-0 win over Germany in the World Cup final at the same venue in June.

But he wasted a glorious chance to repeat that achievement in the 42nd minute, latching onto a Raul pass only to blast over from close range with just goalkeeper Ricardo Tavarelli to beat.

The Spanish side, who have struggled domestically this season, continued to dominate after the break as they looked to add the World Club Cup to the Champions League and European Super Cup titles they have won in their centenary year.

Ronaldo and Raul both came close in quick succession before Roberto Carlos brought an acrobatic save from Tavarelli in the 56th minute with a curling effort from 25 metres as Real put the South American champions under intense pressure.

Olimpia striker Miguel Angel Benitez saw a long-range effort flash just wide in the 65th minute but in truth the Paraguayans rarely threatened a Real defence marshalled superbly by Fernando Hierro, unflappable on his return from an ankle injury.

OPEN GOAL

Claude Makelele, who also impressed on his return from injury, could have put the result beyond doubt for Real four minutes later but the French midfielder missed his kick with the goal at his mercy after a pull-back from Ronaldo.

Raul just failed to make enough contact from another teasing cross from Roberto Carlos in the 78th minute as the crowd of 66,000 urged Real forward.

But Guti, who replaced man-of-the-match Ronaldo in the 82nd minute, underlined Real's superiority six minutes from time, escaping his marker to score with a glancing header after fine work from Figo.

'It was satisfying not just to win this title in our centenary season, but to find our scoring touch again was important,' said Real manager Vicente del Bosque.

'We haven't been scoring goals recently so that, and the fact we had several players back from injury, gives us reason to be optimistic about the rest of the season.'

Ronaldo, who has been battling the 'flu over the past week, agreed that Real were ready to turn the corner after slipping to seventh in La Liga, eight points behind leaders Real Sociedad.

LUCKY STADIUM

'You could call this a lucky stadium for me, but you have to make your own luck and the whole team worked hard for this win,' he said.

'Today was a different occasion from the World Cup but the adrenalin was still there. Now we have to take this sort of form back to the Bernabeu with us.'

Real won the inaugural World Club Cup over home and away legs against Penarol of Uruguay in 1960. They also lost a two-leg final to the same opponents in 1966.

They beat Vasco da Gama of Brazil 2-1 in 1998 to win their first title since the competition switched to a one-match format in 1980.

Despite the result, Olimpia manager Nery Pumpido was full of praise for his team.

'My players showed they could compete with the best team in the world, so I'm very proud,' said Pumpido, who won the World Cup with Argentina in 1986, the same year he won the World Club Cup with River Plate.