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European Cup and UEFA Champions League finals have been won by 22 clubs. The UEFA Champions League is a seasonal association football competition established in 1955. The UEFA Champions League is open to the league champions of all UEFA (Union of European Football Associations) member associations (except Liechtenstein, which has no league competition), as well as to the clubs finishing from second to fourth position in the strongest leagues. Prior to the 1992–93 season, the tournament was named the European Cup. Teams that have won the UEFA Champions League three times in a row, or five times overall, receive a multiple-winner badge. Six teams have earned this privilege: Real Madrid, Ajax, Bayern Munich, Milan, Liverpool and Barcelona. Real Madrid hold the record for the most victories, having won the competition 12 times, including the inaugural competition. They have also won the competition the most times in a row, winning it five times from 1956 to 1960. Juventus have been runners-up the most times, losing seven finals. (Full list...)