Bayern Munich won the quarter-final second leg against Real Madrid 4–3 and, after their 2–1 first-leg victory, advanced to the semi-finals. There, the German side was eliminated by defending champions Paris Saint-Germain, who are backed by Qatari investors. In the final, PSG will face Arsenal, the newly crowned English champions owned by American billionaire Stan Kroenke. Indeed, most leading English clubs—Manchester City, Manchester United, Chelsea and Liverpool—are also foreign-controlled.
Real Madrid, meanwhile, remains a members' club, just like its Spanish arch-rival FC Barcelona; yet both sides still splash out on transfers and rack up substantial debts. By contrast, the spun-off FC Bayern AG is debt-free and 75% owned by the registered association, with long-standing sponsors Adidas, Allianz and Audi each holding 8.33%.
Real and Bayern have met many times in the Champions League. Early on, the Bavarians were Real's "Bestia Negra" ("dark beast"). Over the past decade the tide turned, yet this season Bayern has regained the upper hand.