Peugeot lost the 2008 Le Mans 24 Hours. They went into the race as favourites with a considerable pace advantage over Audi and a band of top-line drivers recruited to end the German marque's dominance of the event. Instead, it was the underdogs that overhauled the Peugeots and added another chalk mark to their blackboard back in Ingolstadt.
To say that Peugeot lost the race should take nothing away from Audi, who did everything they possible could have done to help their chances, and even then it came down to the last hour. The reality was that Audi needed to do everything flawlessly and still rely on a little bit of luck, but that's exactly what transpired.
But hindsight is a wonderful thing and, on reflection, perhaps Peugeot weren't as strong as their cushion of between three and five seconds per lap helped them appear. Audi come out as the wise old hand that knew the secret all along but kept it quiet, going about their business and pinching the victory from under their rivals' collective nose.