Bayern Munich defeated Valencia in the 2001 UEFA Champions League final.
The final was played at San Siro in Milan on 23 May 2001. Gaizka Mendieta put Valencia ahead from the penalty spot early in the match, but Bayern captain Stefan Effenberg equalised with a second-half penalty. Neither side scored again during normal time or extra time.
The trophy was therefore decided by a penalty shoot-out. Bayern won 5–4, with goalkeeper Oliver Kahn making the decisive save from Mauricio Pellegrino's final attempt. The victory gave Bayern their fourth European Cup, and their first since 1976.
A common mix-up is to remember Valencia as the winner because the Spanish club also reached the final the following year. Valencia lost the 2000 final to Real Madrid before suffering another defeat in 2001, making them the first team to lose consecutive Champions League finals.