24 teams (European national domestic league champions, plus the then current title holders), playing in a tournament system, played knock-out rounds on a home and away basis. The aggregate score of both games decided the winner.
The twelve teams qualified for the Quarterfinals were divided into two groups of six. Every team played against the other five in its group in consecutive home-and-away matches, so that every two of these games counted as a single win or defeat (point difference being a decisive factor there). In case of a tie between two or more teams after this group stage, the following criteria were used: 1) one-to-one games between the teams; 2) basket average; 3) individual wins and defeats.
The group winners and the runners-up of the Quarterfinal Group Stage qualified for the Semifinals. The final was played at a predetermined venue.
*CSKA Moscow withdrew before the group stage for political reasons. Therefore, all the scheduled games of the Soviet team were considered forfeits (2–0) for their rivals, although they were not counted in the final standing of the group.