The phrase "beaten finalists" refers to a sports team or individual who reached the final of a competition but did not win it. They were defeated in the final match or event. Full definition
Saul's header proved crucial though as Diego Simeone's side - beaten finalists in two of the last three years - squeezed into the semi-finals in search of their maiden Champions League crown. (itv.com)
Malaga went on to top their group but were eliminated in the quarter - finals by eventual, beaten finalists Borussia Dortmund. (caughtoffside.com)
Beaten finalists last season, Atletico Madrid would do well to repeat their trick of reaching the final again, particularly as they look a weaker side than last year after losing so many of their best players. (caughtoffside.com)