In the second main event match, which closed the show, Shawn Michaels defeated The British Bulldog to win the WWF European Championship.

To close the show, Michaels challenged The British Bulldog for the WWF European Championship, as part of his ongoing feud with The Hart Foundation.

The WWF Tag Team Championship was also defended on the card, with Los Boricuas members Savio Vega, and Miguel Pérez, Jr. challenging champions, The Headbangers.

Fin Martin of professional wrestling magazine Power Slam described One Night Only as "a sensation", adding: "the card remains the WWF/WWE's best ever in-ring presentation on [UK] shores.

The Undertaker as "an epic encounter (over 28 minutes), which was the last truly great match of 'The Hitman's' career", and credited Michaels for having given "the heel performance of the year.