Argentina may not win gold in Olympic men’s basketball but gave their fans the next best thing, beating bitter rivals Brazil 111-107 in double overtime to all but end the host nation’s hopes of reaching the knock-out round.

Manu Ginobili grabs a rebound against Brazil.

With the victory, Argentina (3-1) moved to the top of the Group B standings on seven points while Brazil sat fifth in the six-team pool on five points and little chance of advancing.

At the final buzzer, Brazil supporters were left stunned while Argentine fans celebrated, delighting in the particular cruel manner of their victory.

The game featured everything expected from two fierce sporting rivals with legitimate basketball pedigrees.

The pulsating showdown ebbed and flowed through four quarters and two overtimes that was finally decided when Manu Ginobili, who had a chance to end it in the first overtime with a last-ditch shot, dropped two free-throws with three seconds on the clock to put the contest out of reach.

“What had to happen, happened,” said Ginobili.

“I hope all the fans are just outside drinking beer now.”

Andres Nocioni led the Argentines with 37 points, including a big three-pointer in the final seconds of regulation that forced the first overtime. Nene was Brazil’s top scorer with 24.

As with most Brazil-Argentina clashes, Games officials were taking no chances.

Before the game riot police took up positions under a nearby bridge and around the arena, keeping a discreet distance, while chanting fans lined up under a broiling sun hours before tip-off.