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How did Valencia survive two Champions League final defeats, outmanoeuvre the Galácticos and become the best team in Spain — without spending like one?
Season 5 of By Far The Greatest Team continues with the remarkable story of Valencia between 1998 and 2004.
Graham Dunn and Jamie Rooney are joined by returning underdog correspondent Gus Krasonis to explore how three very different managers transformed Valencia from talented outsiders into one of Europe’s most formidable teams.
This is not simply the story of one great side. It is the story of a footballing evolution.
Claudio Ranieri changed the mentality. Héctor Cúper took Valencia to the brink of European glory. Rafael Benítez turned years of heartbreak into sustained success.
Ranieri inherited a club with ability but little stability. He introduced greater discipline, resilience and competitive edge, combining Spanish technique with the harder Italian qualities that had shaped his managerial career.
The results soon followed.
Valencia won the 1998 Intertoto Cup before defeating Atlético Madrid 3–0 in the 1999 Copa del Rey final. The team contained players such as Santiago Cañizares, Gaizka Mendieta, Claudio López, Miguel Ángel Angulo and Amedeo Carboni — footballers who would form the foundations of everything that followed.
Ranieri departed in 1999 and Valencia turned to Héctor Cúper.
The Argentine made the team more compact, more controlled and exceptionally difficult to beat. In his first season, Valencia reached the 2000 Champions League final, eliminating Lazio and Barcelona before losing to Real Madrid in Paris.
One year later, they did it again.
Valencia survived a demanding campaign, overcame Arsenal and Leeds United and returned to the Champions League final. They led Bayern Munich in Milan but were eventually beaten on penalties after goalkeeper Oliver Kahn saved Mauricio Pellegrino’s decisive kick.
Two finals. Two defeats. No European Cup.
Was this the end of Valencia’s opportunity — or the painful preparation required to become champions?
When Rafael Benítez arrived from Tenerife in 2001, he inherited an outstanding defensive structure but faced doubts about his experience and suitability for the job.
He responded by leading Valencia to their first league championship in 31 years.
The 2001–02 La Liga title was built upon organisation, tactical intelligence and a remarkable defensive record. Cañizares, Roberto Ayala, Pellegrino and Carboni provided security, while David Albelda, Rubén Baraja, Pablo Aimar, Vicente, Angulo and John Carew gave the side quality throughout the pitch.
After a difficult title defence, Benítez rebuilt the attack without compromising the team’s defensive strength.
The result was the glorious 2003–04 season.
Valencia finished ahead of Barcelona and Real Madrid to win La Liga before defeating Marseille in Gothenburg to lift the UEFA Cup, completing an extraordinary domestic and European double.
Jamie, Graham and Gus examine how Valencia achieved all of this while operating very differently from the Galácticos.
Real Madrid were collecting global superstars. Valencia were selling important players, recruiting intelligently and repeatedly finding solutions within a carefully balanced squad. Across the period, their transfer dealings produced a small net profit rather than the enormous deficit normally associated with elite European success.
Gus brings his personal memories of the team and the emotional perspective of supporting an underdog capable of competing with football’s wealthiest clubs.
Along the way, the conversation explores Mendieta’s rise and dramatic decline, Cañizares missing the 2002 World Cup after dropping a bottle of aftershave, Benítez’s enthusiasm for squad rotation and the curious occasion when former manager Cúper returned with Inter Milan to eliminate Valencia from Europe.
The episode then confronts the question at the heart of Valencia’s greatness.
Does losing two Champions League finals prevent this team from reaching the very highest level — or do two La Liga titles, three major cup successes and six years of constant regeneration make their story even more impressive?
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"Valencia 1998-2004" is an episode of By Far The Greatest Team Football Podcast. Runtime 1 hr 18 min. Published November 5, 2026. Hit play above to stream it here, or open the free Spot Sports app for background play and offline downloads.
