We stormed into a 2-0 lead at the London Arena, Ipswich hit back but then Glenn crashed a shot against the bar. That would have made it 3-1 but instead, Town raced up the other end and equalised within seconds.
We actually took a 3-2 lead but a slightly younger Ipswich side eventually ran out 4-3 winners.
It was an unfortunate end after we recovered from losing our first game against Ipswich - when we were a goal down inside a minute - to beat Millwall and rivals Arsenal to reach the final.
Boss John said: "Ipswich caught us in the first game but we recovered, we got to the final, got ourselves into a 2-0 lead, they got a goal back but the second goal was a killer because we hit the bar just before and that would have made it 3-1.
"I think could have gone on from there and kept the ball, but they scored straight away.
"We kept plugging away and it was a good final, both teams playing football, but look at Ipswich, they are all around 35-years-old. It was a good night and just a shame we didn't win it - but at least we beat Arsenal!"
Glenn added: "They were a bit younger than us but we gave it our best. We could have won the final, I hit the bar and that would have made it 3-1. That was the key moment.
"But it was entertaining, really good fun actually. I thought we were the best side in the tournament with the way we played and the goals we scored, but that's football."
By Paul Miles at London Arena
Both John Gorman and Glenn Hoddle pinpointed the key moment that swayed Saturday night's Masters final in Ipswich Town's way.