But Millonarios persisted, and almost equalised five minutes later when Matthews was called upon to make a good reflex save after a cross deflected goalwards off O’Brien.
Palace’s reprieve was temporary, albeit Millonarios’ equaliser fortuitous, after a kind break of the ball allowed Valencia to square for Leonardo Castro to slide home.
Tyrick Mitchell appeared to suffer an injury in the build-up to the goal and went off, but it appeared all were destined for a unique sudden death penalty shoot-out to decide the destiny of the Chicago Nations Cup – until one final twist in Millonarios’ favour.
With only seconds left on the clock, a clipped cross struck Schlupp and the referee awarded a contentious penalty. Up stepped Leonardo Castro again to slam an unstoppable low effort in from 12 yards.
Hodgson and his players suffered only their second defeat of pre-season thus far, but while the scoreline in Chicago was not one the result they sought after, the scenes of Palace’s players going over to thank their Stateside fanbase at full-time certainly felt celebratory.
UEFA Europa League winners Sevilla await in Detroit on Sunday.
Palace: Matthews (GK); Ward (Mitchell, 62 (Gordon, 81)), Andersen (O’Brien, 45), Guéhi (Tomkins, 45), Clyne, Lerma (Eze, 62), Rïedewald (Doucouré, 62), Hughes (Schlupp, 62), Ahamada, Mateta (Edouard, 45), Ayew
Subs: Johnstone (GK)