Leeds reached the semifinals of the Champions League in 2000-01, where they lost to eventual runners-up Valencia. Their Premier League form also dipped slightly and O'Leary's men had to settle for a UEFA Cup place, finishing fourth in the last season before the Champions League qualification spots for the English Premiership expanded from the top three to the top four. Although there was little indication of this at the time, this was a serious failure for the club because Peter Ridsdale had borrowed £60 million against future gate receipts, budgeting for prolonged Champions League involvement.