Note: Flags indicate national team as defined under FIFA eligibility rules; some limited exceptions apply. Players may hold more than one non-FIFA nationality.
On 9 February Valur won Leiknir R in the final 3–0. Sigurður Egill scored the first goal on the 8th minute and Kristinn Freyr doubled the scoring on the 27th minute from the penalty spot. On the 37th minute Sigurður Egill was sent off after getting his second yellow card for a dive. Valur held on and managed to score their third goal through Þórður Steinar following a corner.[32]
Valur finished second in the group behind ÍA with 5 wins and 2 draws, 17 points. Patrick Pedersen was their highest goalscorer with 6 goals in 6 games.[34]
On 16 April Valur lost to Breiðablik in the quarter-finals 5–1. Patrick Pedersen scored Valur's only goal from the spot on the 42nd minute to level the score 1–1. Breiðablik than took all control of the game and scored 4 more goals.[35]
On 7 July Valur was drawn against KA in the semi-finals.[42]Valur won the tie on penalties after the game had ended 1–1. Valur had controlled most of the game but only managed to score one goal, an equaliser through Orri Sigurður after Elfar Árni had put KA ahead on the 6th minute.[43]
Valur became Borgunarbikarinn champions on 15 August after defeating KR 2–0 in the final. Bjarni Ólafur opened the scoring on the 72nd minute with a header following a corner and Kristinn Ingi secured the win on the 87th minute.[44] This was Valur's 10th Cup win with the last one coming in 2005.