Their group contains Deportivo La Coruna, Lille and Olympiakos. The Premiership Champions may appear to be the clear favourites but this was said this time last year. They were then fortunate to progress to the second stage after a number of below par performances.

Liverpool, UEFA Cup winners in May and available at 16-1 with Hills to take the ultimate European trophy were named as one of the top seeds as Parma lost in the qualifying stage to Lille.

Despite their elevated status, their opening group will be a tough examination. Gerard Houllier's team face the 1997 winners Borussia Dortmund, Dynamo Kiev and the Portugese champions Boavista. Dortmund and Kiev should pose the biggest threat, especially when playing infront of their own fans. Dortmund are a formidable force at home, while not many British teams fare too well in the biting cold of Kiev.

Arsenal, priced at 16-1 with Blue Square for the trophy should have fewer problems with their group. Arsene Wenger's team will face Real Mallorca, Panathinaikos and Bundesliga runners-up Schalke in Group C. Few teams collect any points at Highbury and there appears no reason to expect their opponents to buck the trend.

Last season's winners Bayern Munich are available at 6/1, whilst Hills have installed Real Madrid as their favourites at 4-1. Rome and Juventus, who head the Italian challenge, are available generally at 7/1.