MUNICH — Billions of dollars have been spent. Some of the world’s greatest players have come and gone. Yet the Champions League trophy has remained agonizingly out of reach for Paris Saint-Germain.
That could be about to change.
The Qatari-owned team is one game away from European club soccer’s most prestigious prize, with Inter Milan standing in the way in Saturday’s final in Munich.
PSG is the favorite, with one of the most exciting teams around, having produced thrilling performances to get past Manchester City and Liverpool. It feels like its time has finally come.
But in Inter it faces a wily opponent that is in its second final in three seasons and cut down a rampant Barcelona in an epic semifinal — winning 7-6 on aggregate.
The warning signs are there for PSG.
A shift in strategy
PSG’s run to the final has justified a shift in direction from the bling culture of superstar signings to focus more on young French talent.
Owned by Qatar Sports Investments since 2011, PSG signed some of the biggest names in soccer including Zlatan Ibrahimovic, Kylian Mbappe, Neymar and Lionel Messi without ever getting its hands on the trophy it craves most of all.
Messi, Neymar and Mbappe have all gone, and without those iconic figures PSG looks a more complete team than ever. But that has come at some cost.
Players like Ousmane Dembele, Desire Doue and Khvicha Kvaratskhelia were signed for an estimated $240 million combined in a squad assembled at spectacular expense.
Meanwhile, Inter has been savvy in the market — signing older players and picking up free agents to put together a team that has reached two Champions League finals in three years — losing to Man City in 2023 — and won one Italian title in that time.
Near misses
PSG’s only previous final was in 2020, a 1-0 loss to Bayern Munich.
It was a semifinalist in 2021 and 2024. Elimination in the round of 16 in 2022 and 2023 preceded the decision by president Nasser Al Khelaifi to change his transfer strategy.
This year is only the second time since 2011 that three-time champion Inter has advanced beyond the round of 16.
Inter last won the Champions League in 2010 under Jose Mourinho.
Star players
Dembele has been one of the outstanding players in Europe this season with 30 goals in all competitions for PSG, including a run of 24 in 18 games from December to March.
Kvaratskhelia was signed from Napoli in January and sparked a turnaround in PSG’s fortunes in the Champions League when it looked in danger of being eliminated at the league stage.
The Georgian forward was long considered one of the brightest talents in Europe before making the move and has added another dimension to an-already thrilling PSG attack.
Midfielders Vitinha and Joao Neves are the engine room, hungrily hunting down the ball when out of possession and springing attacks with the speed of their passing.
World Cup winner Lautaro Martinez is Inter’s standout player and became the club’s all-time leading scorer in the Champions League this season.
Defender Denzel Dumfries played a huge role in beating Barcelona with two goals in the first leg at the Nou Camp and goalkeeper Yann Sommer pulled off a string of saves to keep Inter in the tie in the second leg.
“Our opponent, we hold the utmost respect for,” Martinez said. “But with the weapons we’ve got, we want to hit them where it hurts.”
The coaches
A Champions League winner with Barcelona in 2015, Luis Enrique has won 12 major trophies in spells with the Catalan club and now PSG.
If French champion PSG triumphs on Saturday he would become the seventh coach to win the Champions League or European Cup with two different teams. The list includes Carlo Ancelotti, Pep Guardiola and Mourinho.
Inter’s Simone Inzaghi is hoping to win his first Champions League title at the second time of asking after defeat to City two years ago.
Then, as now, Inter was the underdog, and came close to upsetting Guardiola’s all-conquering City.
“Matches don’t come down to wage bills or turnover, it’s the players on the pitch,” Inzaghi said Friday. “We were huge underdogs two years ago and went toe to toe.
“I dreamt of playing the Champions League final. I didn’t do it as a player, but thanks to this group of players I’ve been in two finals as a head coach.”
Inzaghi cannot match Enrique’s trophy count but has impressed at Inter where he won Serie A last year beside two Italian Cups, his third overall. Only a week ago, Inter surrendered the Serie A title by one point.
UEFA Champions League final
Who: Paris Saint-Germain vs. Inter Milan
When: Noon PT Saturday
Where: Allianz Arena, Munich, Germany
TV: Paramount+
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