Finishing only 5th in La Liga, Valencia focused most of its resources on the international competition, a late goal from new signing John Carew helping them knock Arsenal out of the tournament in the quarter finals.

Winning 3–0 at home following the goalless draw in the first match, Los Che became one of the relatively few clubs reaching consecutive finals, facing Bayern Munich.

The penalty taking was not over, since the result was 1-1 after extra time, and Bayern got the upper hand in the shootout, with Valencia coming agonizingly close to becoming the third Spanish club to win the Champions League.

Coach Héctor Cúper was recruited by Inter to break their title drought, being replaced by surprise choice Rafael Benítez.

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