Most Ever Champions League Wins Without A Title: Arsenal Way Out In Front

3. Valencia – 41

The Spanish side went through a phase in the early 2000s where they were one of Europe’s best sides. They regularly competed with the likes of Real Madrid and Bayern Munich and even reached two Champions League finals. Unfortunately, as the power of Real and Barcelona grew, Valencia faded as they became more financially unstable. Although they are still one of the better teams in Spain, they aren’t at the level of competing for big trophies again.