Second again, but this time it feels different.Arsenal finish as the Champions League’s runners-up, beaten in that cruellest, narrowest of ways: the penalty shootout.Their task now is to harness this pain, learn from it, and use it to close the gap — to become undeniable. And there’s every reason to believe they can: they have already done it in the Premier League. If there is one aspect of management Mikel Arteta understands, it is picking his players up to go again. Within minutes of full time, Arteta was already telling his post-match press conference about his ambitions for his team “to reach another level”.Defeat by Paris Saint-Germain on penalties should not take the sheen off Arsenal’s season. They have ended a 22-year wait for a title, and reached only their second Champions League final. They have lost to a phenomenal team, by the slimmest of margins. “At the highest level, you have to have a teeny bit of luck,” Josh Kroenke told The Athletic last week. In Budapest, they did not.But Arsenal only returned to this competition in 2023. Their progress since then has been dramatic. Arsenal trailed for just 43 minutes in their entire Champions League campaign. They have demonstrated their European pedigree — and perhaps learnt a little about what will be required to become continental champions.And it’s no coincidence. While the Premier League has naturally been a focus, Arsenal have also placed considerable emphasis on delivering a first major European trophy in more than 30 years.For this story of Arsenal’s journey to the Champions League final, sources spoke with anonymity to protect relationships.After last year’s Champions League semi-final defeat by PSG, the Arsenal hierarchy reached a consensus. Analysis of the two games determined that the difference, ultimately, was depth.A glance at the two benches underlined their point. In the second leg, PSG brought on the likes of Ousmane Dembele and Goncalo Ramos. Arsenal’s bench included youngsters Nathan Butler-Oyedeji and Jack Henry-Francis. Arteta’s lack of enthusiasm about his options is arguably reflected in the fact that five of his options that day — Neto, Kieran Tierney, Oleksandr Zinchenko, Jorginho and Raheem Sterling — have since been allowed to leave the club.Arsenal responded with a summer window in which they made eight first-team signings. Six of those played a part in Budapest — and Arsenal’s use of their bench allowed them to stay in the game against a fresher, less fatigued PSG.In the weeks since Arsenal qualified for the final, Arteta and his coaching staff studied the three games against PSG last season. Although they were ultimately eliminated by the French champions, Arsenal derived considerable confidence from reviewing those tapes. It affirmed to staff and players that the game between the two teams was not insurmountable — and that, having improved substantially this season, it could now be closer still. They were right: in the end, the game came down to spot-kicks.A few years ago, Arsenal decided to re-examine their bonus structure. Bonuses were heavily skewed towards their primary goals: the Premier League and Champions League. Most contracts contain a small bonus for winning the FA Cup, and nothing whatsoever for the Carabao Cup.Arsenal’s performances this season have delivered a huge windfall in terms of prize money. Winning the Premier League earned them £199million in prize money in 2025-26. Finishing as Champions League runners-up guarantees a further £125m. That’s before considering the premium they will be able to charge in commercial deals as champions of England and Europe.While Arteta was measured publicly, those aware of Arsenal’s final preparations say he privately believed their best chance was to build on the momentum and positivity from the title win.After the trophy lift at Selhurst Park, Arsenal players and staff flocked to London’s Mayfair for a celebration with their families. In an address captured on social media, Arteta told those present, “On Saturday, we will be the champions of Europe”.Mikel Arteta celebrates winning the Premier League with his players (Michael Regan/Getty Images For Premier League)Arsenal flew from Luton Airport to Budapest on Thursday, May 28, before checking into their Hilton hotel.In the build-up to the game, members of the squad received messages of encouragement from prominent former players such as Thierry Henry and Patrick Vieira.Several key figures from Arsenal’s more recent past were present at the Puskas Arena. Edu, who served as technical director and later sporting director between 2019 and 2024, attended both legs of the semi-final and the final.Tim Lewis, the former executive vice-chair and lifelong Arsenal fan, attended with his family. Arsene Wenger, Arsenal’s long-serving manager who took charge in their last Champions League final in 2006, was also there, shaking hands with Stan and Josh Kroenke prior to kick-off.Arsenal were delighted to top the group stage, especially as finishing in the top two secured them home second legs throughout the knockout rounds. This was a new innovation introduced for the 2025-26 season — one that has worked to Arsenal’s benefit.Arsenal have maximised home advantage by stirring up superb atmospheres for those crucial second legs.The huge tifos have been a key part of delivering that ‘big-game feel’, and in the run-up to the quarter-final second leg against Sporting CP, Arteta welcomed the fan committee responsible for designing those tifos to London Colney. They were able to watch training and enjoy a brief audience with the Arsenal manager. Even in the build-up to such an important game, Arteta sought to recognise the efforts of these dedicated supporters.The tifo at the Atletico semi-final (Justin Setterfield/Getty Images)Arteta’s team have played some of their best football in the Champions League, where they have typically been afforded more space. Impressive wins over Atletico Madrid and Bayern Munich furnished the squad with the belief they could enjoy a successful season both domestically and in Europe.Arsenal’s dominant form in the league phase meant that their final fixture against Kairat Almaty was effectively a dead rubber. A ban for Declan Rice meant an enforced rest for him — although he still trained with his standard intensity the day before.Arsenal took the opportunity to give a game to deputy goalkeeper Kepa Arrizabalaga. As ever, Arteta consulted with goalkeeper coach Inaki Cana before making his decision. Cana has been an advocate for ensuring all three goalkeepers receive first-team opportunities. Notably, third-choice Tommy Setford was brought on as a substitute in the 87th minute of Arsenal’s FA Cup fourth-round tie with Wigan Athletic.That trio of goalkeepers — along with coaches Cana and Terry Mason — have formed a tight union over the course of the campaign. They even enjoyed a special goalkeepers’ meal along with youngsters Alexei Rojas and Jack Porter at St Albans’ Italian restaurant Per Tutti.When it came to the final, however, there was no room for sentiment: Raya would start.Remarkably, the Spaniard became the first ‘No 1’ goalkeeper to be selected in a final for Arsenal since Wojciech Szczesny in the League Cup defeat by Birmingham City in 2011. Since then, Arsenal have opted to play their second-choice goalkeeper in every major final — including the Carabao Cup final against Manchester City in March.Josh Kroenke was present for the Kairat game. His January trip to England also enabled him to be the signatory on Bukayo Saka’s new contract, duly announced in February.Josh and Stan Kroenke (Michael Regan/Getty Images For Premier League)Kroenke has been present sporadically throughout the Champions League campaign. He attended both legs of the semi-final against Atletico, addressing the squad at the team hotel in Madrid before the first game. The entire Kroenke family attended the final in Budapest.Ahead of the open training session on Friday, Arsenal board member Ben Winston was in the tunnel walking out with the players to inspect the pitch at the Puskas Arena. Winston travelled to Paris in 2006 as a supporter — now he is part of the governing body that oversees the club’s direction. On Friday night, Winston attended a Shabbat dinner with a special guest appearance by former Arsenal full-back Emmanuel Eboue. Eboue was one of many of the club’s 2006 finalists present in Budapest. The club extended an invitation to the entire team who participated in their last Champions League final.Arsenal were blessed with an almost fully fit squad for the Champions League final. Defender Ben White was the only player entirely ruled out, although he travelled with the group.Arsenal were delighted to be able to include Mikel Merino and Jurrien Timber in the squad.When Merino fractured his foot in January, the Champions League final — and of course the World Cup — provided a clear target for his rehab. He suffered a very rare injury, a stress fracture in an area of the foot that is not typical. Arsenal staff have been thoroughly impressed by the dedication he showed to return in time for Budapest.Mikel Merino on Mikel Arteta’s back in training before the final (ANP via Getty Images)Timber’s return has been particularly delicate. A complex groin injury meant a protracted lay-off. With the World Cup looming, player and club were conscious of the risks of any potential setback. Ultimately, he returned to training in the week preceding the game.While Arteta told his pre-match press conference that Timber was fit to start, internally there was an acceptance on Friday that he would most likely begin on the bench. His presence in the squad, however, provided a considerable lift — and gave PSG another possible permutation to consider.Arteta also did all he could to ensure players would be sharp enough for a game of this magnitude. Kai Havertz’s gradual reintroduction over the second half of the season was designed with the season’s climax in mind. The decision to bring him on at half-time on the final day of the Premier League season against Crystal Palace was an indicator that Arteta saw a significant role for the German forward in the final. Havertz repaid Arteta’s faith, breaking free to fire Arsenal’s opener high into the net.Although this was undoubtedly a special final, Arteta leant into Arsenal’s conventional routines in his preparation — even down to their pre-match walk.Arteta was full of praise for PSG and Luis Enrique. “They are, in my opinion, the best team in the world,” he said. “What they are able to do with the ball, with individual actions, I haven’t seen it.”Therein lies a possible clue as to the next stage in Arsenal’s evolution. Just as last year, this can be a learning moment.The Arsenal manager was asked whether he hopes to emulate PSG’s fluidity. “Yes and the individual action that they have for sure,” he confirmed. “And then you have to get into the competition with all the squad available in the best moment, each player. That’s something that we have to improve as well.”Before Sunday’s parade, Arsenal’s players will gather in the dressing room at the Emirates Stadium. They will be greeted by messages from supporters and families expressing their pride, and will then join the women’s team for an open-top bus parade through the streets of Islington. Thousands of fans are expected to congregate to salute the team’s efforts.It will be a celebration of their season — of a Premier League title, and a near-perfect European campaign. Arteta and his players will revel in the carnival atmosphere, but it won’t be long until their thoughts turn to how to improve, and how to turn this pain into progress.They are Arsenal, after all. That is what they do.