Trained by Claudio Ranieri, Valencia began the 1999–2000 season by winning another title, the Supercopa de España, defeating Barcelona. Valencia finished third in the league, four points behind champions Deportivo de La Coruña and level on points with second-placed Barcelona. However, the team's biggest success was in the UEFA Champions League; for the first time in its history, Valencia reached a European Cup final. However, in the Final in Paris on 24 May 2000, Real Madrid beat Los Che 3–0.

The 2000 UEFA Champions League Final was a football match that took place on 24 May 2000. The match was played at Stade de France in Saint-Denis, France, to determine the winner of the 1999–2000 UEFA Champions League. The final pitted Spanish teams Real Madrid and Valencia. It was the first time in the Champions League or the European Cup that two clubs from the same country competed in the final.

The match saw a headed goal from Fernando Morientes and a spectacular Steve McManaman volley put Real Madrid 2–0 ahead, before Raúl sealed a 3-0 win with a breakaway third goal, rounding Santiago Cañizares after Real had cleared a Valencia corner. The win was Real's eighth European Cup Championship overall and their second in three years, and was notable for being Vicente del Bosque's first title as manager.

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