Despite winning the Bundesliga, Bayern Munich failed to mark the departure of Jupp Heynckes in fairytale fashion, with the club's exit from the Champions League continuing so be a source of pain to the Bavarians.
Spekaing to ''Abendzeitung', Hoeness opened up on his side's 4-3 aggregate defeat, blaming it on individual errors.
"It's not always about the result, but rather the performance. We were twice as good as Madrid across the two games and when I saw the Champions League final I thought that we could have won it this year," Hoeness explained.
Bayern are rightly always considered among the favourites to win the Champions League, but have not reached the final since they won the trophy in 2012/13, having been knocked out three times by Real Madrid since then.