On the last day of the Final Four, Espartanos won against Quimsa 71-62 to leave both sides 1-2 and also set up a title decider between Penarol and Xalapa.
Sergio Hernandez’s Penarol needed the extra period but prevailed 93-91 with Kyle La Monte scoring a game-high 39 points, 19 of them in the fourth quarter.
Halcones ended the frame with a 10-3 run, however, to sent the game to overtime.
La Monte poured in seven more points in the extra session to lead Penarol to the win.
“We deserved the title because everything that we have done in the tournament,” said Penarol’s Argentina international Leo Gutierrez.
“Halcones was a tough opponent that never gave up.
“Thank God that we could save the game.
“La Monte had a great game and gave us the championship, it was incredible what he gave us.”
Xalapa had lost their first game at the event to Quimsa but gave themselves a chance of capturing the crown after beating Espartanos de Margarita on Friday.
Hector Romero had 17 points in Espartanos’ victory over Quimsa.