For the first time in 21 years, the UEFA Champions League Final will not feature a club from England, Spain, or Germany. Instead, Paris Saint-Germain (France) and Inter Milan (Italy) will square off for Europe’s most prestigious club trophy.
A Historic Break in the Pattern
The last time Europe’s three dominant football nations were absent from the final was in 2004, when Porto (Portugal) defeated Monaco (France). Since that rare occurrence, England, Spain, and Germany have thoroughly dominated the competition: 33 of the 40 semifinalists over the past two decades have hailed from those three countries — England (15), Spain (12), and Germany (6). While Italy (6) and France (1) occasionally broke through, they never faced each other in the final during that span — until now.
How We Got Here
This level of dominance wasn’t always the norm. In the 17 seasons prior to this two-decade run, teams from England, Spain, and Germany were entirely shut out in nine finals. However, the financial evolution of modern football has shifted the balance dramatically. The soaring revenues of Europe’s top leagues have increasingly concentrated power in the hands of a select few clubs.
A Game of the Elite
The wealth gap is reflected not just in European competition but in domestic leagues as well. Since 2005, 80 of the 104 “Big Five” league titles (covering England, Spain, Germany, Italy, and France) have been won by just nine clubs:
- Bayern Munich
- Barcelona
- Real Madrid
- Paris Saint-Germain
- Juventus
- Inter Milan
- Manchester City
- Manchester United
- Chelsea
Those same nine clubs have also accounted for 29 of the 42 Champions League final berths in that period. This cycle of wealth and success has made it increasingly difficult for other clubs to break through.
The 2025 Final: New Names, Familiar Powers
While PSG and Inter Milan may have broken the England-Spain-Germany streak, their presence in the final is hardly a shock. Both have been among Europe’s elite for years, with PSG finishing as runner-up in 2020 and Inter doing the same in 2023. They remain financial and sporting heavyweights in their own right, regularly reaching the later stages of the competition.
A Footnote on the Numbers
Technically, 105 “Big Five” league seasons have been contested since 2005, but Juventus’ 2005 Serie A title was stripped due to the infamous Calciopoli scandal, leaving that season without an official champion.
As PSG and Inter prepare to battle for the crown, this year’s final serves as both a break from recent trends and a reminder of how tightly concentrated success has become at the top of European football.