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Madrid entered the Copa del Rey as the defending champions, but lost 3–4 on aggregate in the quarter-finals to Barcelona. They also competed in the UEFA Champions League for the 15th successive season, losing in the semi-finals to Bayern Munich in a penalty shoot-out after a 3–3 aggregate tie. The few days after the capturing of the 2003 La Liga title were surrounded with controversy. Off the pitch, the Zidanes y Pavones policy resulted in increased financial success based on the exploitation of the club’s high marketing potential around the world, particularly in Asia. He vowed in his campaign to erase the club’s €270 million debt and modernize the club’s facilities. This victory marked the beginning of a successful period in Real Madrid’s history.
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