Valencia CF once again reached the Champions League final. They finished 5th in La Liga, due to a 3-2 defeat to Barcelona courtesy of a hat trick from Rivaldo, and missed out on the Champions League for the following season. 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. The semis consisted of going against Leeds United, not present at that level for more than 25 years. 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.
In the final itself, Valencia got a penalty kick straightaway, which was converted by captain Gaizka Mendieta. A few minutes later Mehmet Scholl failed to convert a penalty, which Santiago Cañizares saved, but Stefan Effenberg later scored from a second penalty kick. 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.
Following the end of the season, Gaizka Mendieta was sold to Lazio for a club-record fee. Coach Héctor Cúper was recruited by Inter to break their title drought, being replaced by surprise choice Rafael Benítez.
Players
Squad information
Transfers In Pos. Name from Type MF Ruben Baraja Atletico Madrid € 10.8 million FW John Carew Rosenborg BK € 8.5 million MF Didier Deschamps Chelsea F.C. €3.50 millionMF Zlatko Zahovic Olympiacos € 8.0 millionFW Diego Alonso Gimnasia y Esgrima €7.65 million DF Roberto Ayala AC Milan € 5.00 million MF Vicente Levante UD € 4.80 millionMF Pablo Aimar River Plate € 21.25 millionDF Fabio Aurelio São Paulo FC FW Mista CD Tenerife Free DF Curro Torres Recreativo Huelva loan ended Out Pos. Name To Type MF Gerard FC Barcelona € 21.60 million MF Francisco Javier Farinós Internazionale € 16.25 million FW Claudio Lopez SS Lazio € 23.0 million FW Oscar Garcia RCD Espanyol DF Daniel Fagiani Boca Juniors FW Goran Vlaovic Panathinaikos DF Soria CD Numancia DF Dennis Serban Elche CF DF Camarasa FW Mista CD Tenerife loan DF Curro Torres CD Tenerife loan DF Alain Roche Girondins Bordeaux
Left club during season
Competitions
La Liga
League table
Results by round
Matches
Copa del Rey
Round of 64
Round of 32
UEFA Champions League
Qualifying
1st Group Stage
2nd Group Stage
Quarter-final
Semi-finals
Final
Statistics
Players statistics
Sources Soccerbase - Valencia CF
References