In December 1999 to January 2000, McManaman and the Madrid team took part in the controversial inaugural FIFA Club World Championships in Rio de Janeiro, where McManaman missed an injury time chance to win the game, and then the penalty kick against Necaxa that would have sent Madrid into third place. McManaman and the team then returned to Spain and established themselves as the side that went all the way to the 2000 Champions League final under new coach Vicente del Bosque, who had replaced John Toshack in November. McManaman's form in the buildup saw him receive several man of the match awards, forming a strong midfield partnership with Fernando Redondo, as Madrid beat holders Manchester United and Bayern Munich to reach the final. It was at this Champions League final (played at the Stade de France, Paris) that McManaman experienced his finest hour as a player, scoring a spectacular volley in a 3–0 victory over Valencia. His performance on this greatest of club football stages saw him hailed the man of the match by the English press, a view endorsed by his Madrid teammate Iván Helguera, and Sir Alex Ferguson, who added: "I thought McManaman was excellent...there is no question he was man of the match...He was a threat all night and gave Real great penetration from midfield. The boy has always been blessed with marvellous stamina and he has the confidence to go past players." McManaman's part in Madrid's eighth European Cup win also saw him become the first English player ever to win Europe's premier club competition with a foreign club.