Third-placed Watford defeated sixth-placed Crystal Palace in the first semi-final, while fifth-placed Leeds United beat fourth-placed Preston North End.

Watford struggled in the Premiership and they were relegated back to the Championship after ending the season bottom of the league, ten points below safety.

[4] Billy Davies, the Preston manager, commented after the match: "it is tremendous to come here in front of their biggest crowd of the season and get what is a fantastic result.

After a goalless first half, a header from Rob Hulse and a low strike from Frazer Richardson saw Leeds secure a 2–0 win on the day and a 3–1 aggregate victory.

The home side's manager Aidy Boothroyd was sent to the stand after an altercation with Fitz Hall which resulted in a mass brawl on the pitch.

[12] Leeds United had last played in the top tier of English football in the 2003–04 season, when they were relegated after finishing nineteenth in the league.

[17] Boothroyd had been promoted from academy football by the Leeds manager Kevin Blackwell,[18] who himself had experienced failure in the play-off final three years earlier.

He had been selected to referee the 2006 FA Cup Final between Liverpool and West Ham United, but was later replaced as he lived in the Wirral.

While the Football Association were adamant that they had "complete faith in Dean's refereeing ability, integrity and impartiality", they felt his connection to the Wirral "might lead to comment and debate which could place him under undue additional pressure".

[23][24][25] The chief executive of Watford, Mark Ashton, did not underestimate the impact of promotion: "In my opinion it surpasses the riches of the Champions League – it is the richest football game on the planet".

[26] Paul Butler returned from injury and was included in Leeds's starting eleven, along with Hulse and Healy; Blake was named amongst the substitutes.

[25] Both teams wore black armbands in memory of Queens Park Rangers youth player Kiyan Prince, who was stabbed to death outside his school four days before the match.

[24][27] On eight minutes, the Watford goalkeeper Foster failed to catch a long Leeds throw-in allowing a Derry shot, but Lloyd Doyley diverted the strike wide.

[22] In stoppage time, a Leeds free kick from a central position 35 yards (32 m) out was struck high by Eddie Lewis, and the first half ended 1–0 to Watford.

[27] Five minutes later, King's free kick went over the crossbar before an injury to one of the assistant referees meant the fourth official Chris Foy was required to replace him.

"[30] Blackwell was downcast but equitable in defeat: "It's a terrible place to come and lose and feel as though you've achieved nothing ... We lacked a spark and were second to the ball all over the park.

"[33] Watford's former manager Graham Taylor suggested the match was "by no means a classic" and urged the club to maintain "the spirit that has been fostered throughout this season".

[22] Stuart James, writing in The Guardian, suggested that "Leeds were crushed" and that they had failed to deal with Watford's "high-tempo approach" nor with their threat from set pieces.

[27] Eurosport observed that Watford had switched from their "normally attractive footballing principles to use the long ball into the channels" as a direct result of the condition of the playing surface at the Millennium Stadium.

[28] Louise Taylor, writing in The Guardian, concurred: "the ball repeatedly flew high through the air, conveniently bypassing midfield before crashing towards the corners, as long throws were launched into the 'mixer' and three goals were scored from set pieces.