The Rossonero squad underwent a big overhaul in the summer: Gilardino, Jankulovski, Kalac, Vogel and Vieri all arrived in Milanello whilst the club bid farewell to Crespo, Tomasson, Pancaro and Dhorasoo. Brocchi and Abbiati also left on loan. Juventus were dominant again in the league, but the Rossoneri boasted an excellent home record in Serie A, winning 18 and drawing one. In the end, the final tally of 88 points was not enough to steal the title from the Bianconeri. At the end of the season, the club was penalised 30 points, hence demoted from second to third, forcing the Rossoneri to start their Champions League campaign the following season in the qualifiers.
In the Champions League, the team was once again involved in a thrilling journey after winning the group against Schalke 04, PSV and Fenerbahçe (3 wins, 2 draw and 1 loss). The Rossoneri knocked out Bayern Munich in the Round of 16 - with a stunning 4-1 in the second leg at San Siro - and French champion Lyon in the quarter-finals, before being stopped by Barcelona, the eventual winners, in the semifinal.
