Ron Atkinson's side were strong favourites to win the trophy 40 years ago but, with the scores level at 2-2, there was a dramatic climax at Wembley Stadium.
Frank Stapleton and Ray Wilkins had struck for the Reds, with Gordon Smith and Gary Stevens on the scoresheet for the Seagulls. However, Smith was presented with a golden one-on-one chance to snatch a last-minute winner after being put through by Michael Robinson, behind a tiring United defence.
"And Smith must score," uttered commentator Peter Jones but Bailey came to the Reds' rescue, trapping the ball between his legs before clutching the rebound.