Just days earlier, Bayern had won their third consecutive Bundesliga title and entered the Champions League Final after knockout stage victories over Manchester United (3-1) and Real Madrid (3-1). Valencia, who had finished fifth in La Liga, defeated Arsenal (2-2, Valencia advancing on the away goal rule) and Leeds United (3-0) on their way to the Final.
Valencia drew first blood quickly, benefiting from a handball in the Bayern box to earn a penalty in the 2nd minute. Valencia's captain, midfielder Gaizka Mendieta, took the shot and scored, putting the Spanish side ahead 1-0.
Bayern then received a penalty call in the 6th minute, as Valencia's French right back Jocelyn Angloma fouled Bayern's captain, midfielder Stefan Effenberg, on the edge of the area. Midfielder Mehmet Scholl took the shot, but it was saved by Valencia keeper Santiago CaÃ±izares. Bayern got another chance in the 49th minute, however, as Valencia left back Amadeo Carboni was flagged for a handball in the box. This time, Effenberg took the penalty and converted it.
The teams were deadlocked at 1-1 for the rest of the second half and all of extra time, forcing a decision by penalty kicks. Through the first five kicks, each team had missed two, sending it to sudden death. The match ended when Bayern keeper Oliver Kahn guessed correctly, lunging to his right to stop the shot from Valencia's Argentinian center back Mauricio Pellegrino. Bayern won by the score of 1-1 (5-4).
It was Bayern goalkeeper Oliver Kahn who emerged the German hero of the evening as he saved three of Valencia's seven attempts in the shoot-out, the last from Mauricio Pellegrino. Valencia have now lost two Champions League finals in succession.
Bayern Munich's winning team: 1-Oliver Kahn; 2-Willy Sagnol, 4-Samuel Kuffour, 5-Patrik Andersson, 25-Thomas Linke, 3-Bixente Lizarazu; 23-Owen Hargreaves, 11-Stefan Effenberg (captain); 20-Hasan Salihamidzic, 7-Mehmet Scholl, 9-Giovane Elbe