Gabriele Marcotti chronicles a remarkable resurgence

You would probably forgive Carlo Ancelotti for thinking, just 10 months ago, that 2006-07 was going to be Milan's "annus horribilis". Andriy Shevchenko was gone, Cafu and Paolo Maldini were a year older, Alessandro Nesta's injury looked like it would stretch on ad infinitum.

The club found themselves embroiled in the "Calciopoli" scandal, slapped with an eight-points penalty and unsure if they would be allowed back into the Champions League. Their participation was only confirmed on August 2, just seven days before they were due to play the first leg of their qualifying round against Red Star Belgrade.

So much for a summer holiday. The likes of Andrea Pirlo were back in action just 30 days after the World Cup final in Berlin, with the predictable knock-on effect of little rest and a Germany 2006 hangover. As if that weren't enough, the club decided to freeze all transfer spending until after qualification to the Champions League proper was attained on August 22. Ancelotti was told they would get him a "worthy replacement" for Shevchenko. Instead, he ended up with perennial misfit Ricardo Oliveira, Brazil's answer to Darren Anderton in the injury department.

Thus Milan limped through the first half of the season, looking exactly like the side the critics maintained they were: old, battle-weary and, without Shevchenko, entirely devoid of attacking oomph. Domestically, they only cracked the top 10 in late January and, at one point, lost three straight home games. While they did advance in the Champions League, they managed to lose to both AEK Athens and Lille, hardly the cream of European football.

And then came the turnaround. Since February 1 they have lost just twice in all competitions - to Inter in the derby and to Manchester United's late, late goal at Old Trafford. And now, three days from the biggest prize of all, they have momentum on their side.

"Did I know we were going to come good in the second half of the season? No, I did not," says the Ancelotti. "I hoped we would come good. But, of course, I didn't say it because everyone would have thought I was mad."

Few could have predicted such a resurgence at the time. Nesta was still recovering in Miami and there were rumours he might not return at all. Pirlo seemed to sleepwalk through games, the defence was a mess (at one point, Ancelotti found himself with just two fit defenders). While most agreed that Massimo Oddo was a smart pick-up, the other big signing was greeted with a blend of derision and scepticism. Ronaldo had managed just one league goal for Real Madrid and, between jokes about his expanding waistline and nocturnal exploits, had become a figure of fun.

Yet Ronaldo certainly did his part, notching seven goals in 11 starts and, crucially, allowing Ancelotti to rotate his over-stretched frontline. Little by little, the veterans returned to match fitness.

"We did not have a proper pre-season training camp, everyone was rushed back for the Champions League preliminaries," says Ancelotti. "And we paid a price for it, particularly because we're a veteran team. With older players, you need to get your fitness right because it takes you that much longer to recover."

Then again, there's a reason why Milan are playing in their third Champions League final of the past five years. Perhaps, better than any other side in Europe, they understand the basic concept that what matters is peaking at the right time. As long as you don't get yourself knocked out, it really doesn't matter if you underachieve in the autumn or even February or March. What matters is being at your best in April and May.

Milan supporters are under no illusions however. They know this is a different side to the one seen in Istanbul and a weaker one at that. Two years ago, the frontline featured Shevchenko and Hernan Crespo. Now, it relies on Alberto Gilardino, a gifted player, but who is enduring a nightmarish season.

At the back, Maldini, at 38, by his own admission, can only play once a week. And, between the sticks, Dida continues to descend down a spiral of unreliability.

The good news is that the midfield seems to work freakishly well. Ancelotti's decision to play a second holding midfielder, Massimo Ambrosini, alongside Rino Gattuso, has lessened the defensive pressure on Pirlo, while freeing up space for Kaka who, like Clarence Seedorf, is playing the best football of his career. When Milan are in full flow, they are a joy to behold, seemingly finding each other effortlessly, almost as if they had a telepathic connection. Which they may well have, given how long these guys have played together. Kaka is the most recent arrival, and he has been at the club since the summer of 2003.

The club are all too aware of the criticism. Some fair, some unfounded. The notion that they are old is a myth. True, Maldini is ancient, but of the starting 11 he is the only one over the age of 31. The idea that, contrary to the old Italian stereotype, they often struggle to defend a lead is, on the other hand, a more valid point. This is the same Milan side who threw away a 4-1 first-leg lead against Deportivo La Coruna three years ago. They also wasted a 2-1 advantage at Old Trafford against Manchester United and, in the previous round, against Bayern, twice allowed the Germans to come from behind. And, of course, that's without mentioning Istanbul Istanbul? Oh yeah, there's some unfinished business there too. And you can be sure that, 10 months ago Ancelotti would have never imagined he would get a chance to set things right this very season.