Kobe Bryant (left to right), LeBron James, Dwyane Wade and Carmelo Anthony of the United States hold up their medals after defeating Spain in the gold medal game during Day 16 of the Beijing 2008 Olympic Games (Streeter Lecka/Getty Images)

The U.S. men’s basketball “Redeem Team” ended a frustrating eight-year stretch and regained international basketball prominence by beating Spain 118-107 and winning the gold medal on Sunday.

After winning gold at the 2000 Sydney Games, the Americans missed the podium entirely at the 2002 world championships and settled for bronze after they were knocked out of the semis at the 2004 Athens Games and the 2006 worlds.

"We've been working on this for four years," Toronto Raptor Chris Bosh told CBC Sports after the game. "It feels great, it's an incredible feeling."

Spain made things difficult for the Americans. They came out strong, led for most of the first quarter, and fought to keep within reach for the entire game.

But the Americans managed a 38-31 lead after ten minutes, and 69-61 at the half. The U.S. was a blistering 65 per cent from the field after 20 minutes.

The U.S. was able to shake off every other opponent in the tournament by halftime, but not so on Sunday, as the Spaniards spent most of the third quarter within single digits of the leaders.

In the fourth quarter, Spain was within two points of the U.S., trailing 91-89 with just over eight minutes left, and coming to within four with two minutes left.

"It is more important and more special than any championship that any of us will ever win," Kobe Bryant said after Sunday's game.

American star Dwayne Wade exploded for 27 points, while teammate Bryant netted 20 points.

Bosh added eight points for the Americans, and is the first Toronto Raptor to win a gold medal since Vince Carter in 2000.

Leading the Spaniards was Rudy Fernandez with 22 points, and Pau Gasol with 21.

Spain played without point guard Jose Calderon in the lineup. He was injured in the team's quarter-final win over Greece and reportedly has suffered a partial tear of his right groin muscle.

Argentina 87, Lithuania 75

Former Toronto Raptor Carlos Delfino led Argentina to the bronze medal on Sunday after defeating Lithuania 87-65.

Argentina won the gold medal in 2004, and this is the first time they have won back-to-back Olympic medals.

The Argentines played without star Manu Ginobili after he suffered an ankle injury in the semifinals against the U.S. Ginoboili watched the game from the bench.

Delfino scored a double-double, with 20 points and 10 rebounds. Teammate Luis Scola added 16 points and three rebounds.

Ramunas Siskauskas led the Lithuanians, netting 15 points and six rebounds, with Rimantas Kaukenas adding 14 points.

Lithuania kept within three points of Argentina for much of the first quarter, trailing 13-10 after ten minutes.

Argentina began to pull away over the next 20 minutes, leading 68-49 after three quarters.

Lithuania managed to close the gap in the fourth quarter, but was too far behind to catch Argentina.

With files from the Associated Press