The lifelong Blues fan was at the Allianz Arena with fellow Olympian Sir Steve Redgrave, who also supports the club, as his beloved side triumphed on penalties to win the trophy for the first time in their history.
And Coe admitted that both he and Redgrave would have traded their Olympic medals for Didier Drogba to convert the final spot kick.
He told The Daily Telegraph: “Steve has got five and I have got two, so that makes Didier’s goal worth seven gold medals. That’s how it felt for Chelsea fans.“It capped a pretty good week, one way and another. It is right up there in my sporting experience, an unbelievable night, it was the drama of football at its purest."
Coe was unsure of Chelsea’s chances with their injury problems but soon saw enough to know that the trophy was there for them to win.
“This was always going to be a really hard gig here. We were without the guts of the defence playing one of the best club sides in Europe at home. But I sensed that if we could keep them out until half-time it was up for grabs," he declared.
“For Drogba to do it was perfect. In many ways the Champions League this season has been his story. Ashley Cole has also not put a foot wrong. He is by a distance one of the best players in the world at the moment.
“Now I can focus on the day job of organising the Olympics. It has already been a pretty good summer, and it can only get better.”