 Milan were regarded as favourites and their team included many players who had experienced success in the competition . The most notable was captain Paolo Maldini , who had won the competition four times previously , all with Milan , and Clarence Seedorf who had won the competition three times with three different clubs . Liverpool had been considered underdogs throughout the competition , but had beaten more favoured opposition , including Juventus and Chelsea , to reach the final . Liverpool manager Rafael Benítez acknowledged this : " Maybe Milan are favourites , but we have confidence , and we can win " . Arsenal manager Arsène Wenger felt Liverpool would win the match : " I fancy Liverpool as Milan look jaded physically and certainly mentally , by losing the [ Serie A ] title , I think they have never had a better chance than now to beat Milan " . Liverpool defender Jamie Carragher was not so optimistic , stating that the Liverpool side were not as good as the one that had won the 2001 UEFA Cup Final : " No disrespect to the squad we have got now but it is obvious we are not as strong as we were when we won the UEFA Cup in 2001 . Back then we had a settled team and that season when we went into games against Barcelona and Roma , we always felt we were as good as them " . 
