The anticipated meeting of Liverpool midfielder Steven Gerrard and new Manchester United signing Juan Sebastián Verón did not occur.

Watched by a crowd of 70,027 spectators, Liverpool took the lead in the second minute when Gary McAllister scored from a penalty awarded for a foul by Roy Keane on Danny Murphy.

Despite the victory, Liverpool manager Gérard Houllier was realistic about his team's prospects in the upcoming 2001–02 FA Premier League.

Manchester United manager Alex Ferguson was critical of referee Andy D'Urso's performance after he turned down two penalty appeals from his side during the match.

[10] Liverpool lined up in a 4–4–2 formation, with new signing John Arne Riise included in the team, while midfielder Steven Gerrard was absent with an ankle injury.

[12] Manchester United lined up in a 4–4–1–1 formation, with Paul Scholes playing just off the main striker, Ruud van Nistelrooy, who made his debut for the club.

Van Nistelrooy's fellow new signing, Juan Sebastián Verón, was on international duty with the Argentina national team; his place in midfield was taken by Nicky Butt.

[14] Minutes later, Liverpool were awarded a free kick, but McAllister was unable to score, hitting Manchester United's defensive wall.

[11] The frustration of the United players was beginning to show and immediately after the goal, Paul Scholes was shown a yellow card for a challenge on Dietmar Hamann.

[14] Liverpool continued to be dangerous on the attack and came close to extending their lead in the 34th minute; United goalkeeper Fabien Barthez failed to claim a cross from McAllister and the ball fell to Nick Barmby, but his shot was cleared off the line by Denis Irwin.

A Silvestre run down the pitch resulted in a pass that found Van Nistelrooy on the edge of the Liverpool penalty area, but his shot went high and wide of the goal.

A move that involved Beckham, Keane and Ryan Giggs resulted in the ball being played to Van Nistelrooy, who went around Westerveld and subsequently scored to reduce Liverpool's lead to 2–1.

[13] In an effort to find the equalising goal, United manager Alex Ferguson moved Giggs from the centre of midfield to the left in order to restore the width of his team and brought on striker Dwight Yorke for Butt.

Liverpool manager Gérard Houllier made his first substitutions of the match soon after; in an attempt to regain control of possession, he brought on Igor Bišćan and Patrik Berger to replace Barmby and Murphy.

[13] A minute later, referee D'Urso declined to award United a penalty for the second time when Van Nistelrooy's shot appeared to be blocked by the arm of Henchoz.

[14] United continued to push forward for an equaliser, but a long-range shot by Irwin, which went wide, was their only notable chance before the match ended.

Despite losing their fourth consecutive Charity Shield match, Ferguson did not believe it would affect his team heading into the start of the season: "We certainly hope we can go on to win the title again like we have in previous years.