Story of underdogs versus favourites in last five Champions League finals

As another UEFA Champions League final approaches, Borussia Dortmund and Real Madrid will clash for the most prestigious trophy in European club football this weekend at the iconic Wembley Stadium in London.

Both Dortmund and Real Madrid have earned their places in the final, having navigated past some of Europe’s biggest teams. Real Madrid dug deep to overcome Bayern Munich over two legs, while Dortmund surprised many by sealing their final berth with a stunning victory over PSG in Paris.

Historically, the Champions League final has rarely been a contest of equals, with clear underdogs and favourites. This year is no exception, with Dortmund, the 1997 winners, considered underdogs against Real Madrid, who are eyeing a record-extending 15th title, solidifying their status as the undisputed masters of the Champions League.

PREMIUM TIMES examines how the last five Champions League finals have concluded between the so-called underdogs and favourites.

2019: Liverpool (Favourite) vs. Tottenham (Underdog)

Liverpool, led by Jurgen Klopp, were favourites against Mauricio Pochettino’s Tottenham, with their impressive run to the final marking the first all-Premier League affair since 2008. The Reds lived up to expectations, defeating Spurs 2-0 at the Wanda Metropolitano Stadium in Madrid. Mohamed Salah opened the scoring with a penalty in the 26th minute, and Divock Origi sealed the win with a goal in the 87th minute, giving Liverpool their sixth European title.

2020: Bayern Munich (Favourite) vs. Paris Saint-Germain (Underdog)

Bayern Munich, under Hans-Dieter Flick, were heavy favourites against Thomas Tuchel’s PSG, having won all their Champions League matches that season. Despite PSG’s strong fight, Bayern’s experience and quality prevailed. Kingsley Coman scored the only goal in the 59th minute, securing Bayern’s sixth title.

2021: Manchester City (Favourite) vs. Chelsea (Underdog)

Pep Guardiola’s Manchester City were clear favourites against Thomas Tuchel’s Chelsea, having dominated the Premier League that season. However, Chelsea pulled off a stunning upset, winning 1-0 at the Estádio do Dragão in Porto. Kai Havertz scored the only goal in the 42nd minute, securing Chelsea’s second title.

2022: Real Madrid (Underdog) vs. Liverpool (Favourite)

Despite their rich history in the competition, Carlo Ancelotti’s Real Madrid were considered underdogs against Jurgen Klopp’s Liverpool. Real Madrid triumphed with a commanding 3-1 win at the Stade de France in Paris. Vinicius Junior opened the scoring in the 59th minute, followed by goals from Marco Asensio and Karim Benzema. Sadio Mane scored a consolation goal for Liverpool in the 81st minute, but it was not enough to prevent Los Blancos from adding another feather to their cap.

2023: Inter Milan (Underdog) vs. Manchester City (Favourite)

Simone Inzaghi’s Inter Milan were the underdogs against Guardiola’s Manchester City, despite their impressive run to the final. Inter Milan put up a strong fight, but Manchester City’s quality prevailed. Bernardo Silva scored the only goal in the 68th minute, securing Manchester City’s first title.

These historical facts suggest that the favourites have won four of the last five finals, indicating a likely victory for Real Madrid at Wembley Stadium in London on Saturday evening. However, each final has demonstrated the unpredictability and excitement of the Champions League, as underdogs have consistently pushed favourites to their limits.