Both teams had to pass through five rounds before they reached the final. They both entered in the third qualifying round and won their respective groups before they reached the knockout stage, where matches were contested over two legs, with a match at each team's home ground. Milan's victories varied from close affairs to comfortable victories. They defeated Celtic by a single goal over two legs, while they beat Manchester United 5–3 on aggregate in the semi-final. Liverpool's matches were mainly all close affairs; they beat defending champions Barcelona on the away goals rule in the first knockout round and beat Chelsea in a penalty shootout in the semi-finals, although they did record a 4–0 aggregate win over PSV Eindhoven in the quarter-finals.
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