Florentino Pérez sat in the executive seating section high above the pitch in the administrative district of the Santiago Bernabéu Stadium.
Flanking him on either side were the central figures of Real Madrid's sporting empire. To his right sat José Ángel Sánchez, the club's key architect in commercial and transfer operations — the man widely considered the unseen CEO behind the Galáctico model. To his left was Emilio Butragueño, the elegant former player now responsible for media relations and Real Madrid's public image.
Also present were Fernando Martín, the club's director, and Ramón Calderón, the club's legal advisor and a senior member of its board. Together, they formed the core of Real Madrid's executive power — the men who made the most important decisions off the pitch.
Yet at this moment, none of them looked comfortable.
There was an unusual heaviness in the air around them. Each had a stern, unreadable expression on his face, and though they sat surrounded by luxury and prestige, they looked as tense as if they were the ones about to play.
Down below, under the guidance of Italian referee Stefano Farina, the two teams emerged from the tunnel and walked out side by side into the brilliant lights of the stadium.
The crowd responded with a roar that shook the seats.
Despite the club's recent instability and disappointing results, Real Madrid fans still filled the stands with hope. Their faith in the club's star-studded lineup hadn't faded. The Bernabéu still believed in greatness — even when it looked fractured.
For this Champions League Round of 16 clash, caretaker manager Juan Ramón López Caro once again deployed a 4-1-4-1 formation — his preferred structure for adding stability in midfield while retaining attacking firepower.
The starting lineup:
Goalkeeper: Iker Casillas
Defenders (left to right): Roberto Carlos, Jonathan Woodgate, Sergio Ramos, Cicinho
Defensive Midfielder: Thomas Gravesen
Midfield (left to right): Robinho, Zinedine Zidane, Guti, David Beckham
Striker: Ronaldo
This was arguably the strongest possible eleven Real Madrid could field at this stage of the season — with the exception of club captain Raúl, who was absent due to injury.
Across the pitch, Ajax emerged in their deep red away strip, organized and silent, with their focus pointed inward. Leading the team onto the field was captain Yang Yang — the very player Florentino had personally praised in private meetings, and the one whose name had begun to circulate behind closed doors as a potential summer signing.
From a tactical standpoint, Ronald Koeman had opted for a compact and flexible lineup — a mixture of youth, experience, and strategic discipline.
Ajax Starting XI:
Goalkeeper: Maarten Stekelenburg
Backline (left to right): Maxwell, Thomas Vermaelen, John Heitinga, Maicon
Midfield (left to right): Steven Pienaar, Tomáš Galásek, Yaya Touré, Wesley Sneijder, Nigel de Jong
Striker: Yang Yang
It was a narrow 4-2-3-1 on paper, but Koeman had designed it with fluidity in mind. Pienaar and De Jong would tuck in defensively or break wide depending on Madrid's press. Sneijder would be the link, Touré the carrier, Galásek the shield.
But everything in the front line — every attack, every transition, every counter — was built around one player.
Yang Yang.
...
"From a tactical standpoint, there are a few surprising choices in Ajax's setup," Emilio Butragueño remarked, seated beside Florentino Pérez in the Bernabéu's executive box.
A Real Madrid legend and now a senior figure within the club, Butragueño had a deep and instinctive understanding of professional football. The moment he saw the Ajax starting lineup appear on the screen, he immediately began to piece together their intentions.
"They've left out a true target man like Charisteas and instead brought in Galásek to anchor the midfield. That's a clear signal — they're setting up to defend first and hit on the counterattack. Which means Yang Yang, operating alone up front, will be extremely dangerous if given space to run."
He leaned forward slightly, watching the players begin their warm-ups on the pitch below.
"But the real key lies in how Ajax structure their midfield. The same players can serve different roles entirely depending on small shifts. Whether Sneijder plays deeper or pushes forward will change the entire shape of their press and transition."
He tapped his finger lightly against the armrest, thinking aloud.
"Tactics like this are built on small details. The personnel don't change, but the way they're deployed can evolve throughout the game. And Koeman has proven he's not afraid to adjust mid-match."
Butragueño turned his attention to the Real Madrid side. His voice lowered slightly in tone.
"Caro's decision to start Zidane and Guti again is predictable. It reinforces ball control, especially at home. But with Ajax expected to sit deep, it's hard to say if we'll find enough room to create real danger."
He wasn't wrong. The Zidane–Guti partnership had brought elegance and cutting edge to Real Madrid's attack earlier in 2006. Several league matches had seen their midfield creativity slice opponents apart — which was precisely why López Caro had remained loyal to the pairing.
However, Butragueño's concern lingered beneath the surface.
"The same issue remains, though," he added. "Guti's inconsistency. If he's off tonight, or if he gets crowded out, we'll struggle. And look at that Ajax midfield — Galásek, Yaya Touré, Sneijder, De Jong — four players with excellent defensive work rates. Especially Galásek, Yaya, and De Jong. They'll fight for every ball."
His tone had shifted from analysis to unease.
"If we can't create threats through midfield, our whole strategy of attacking to defend falls apart. And when that happens, our defensive vulnerabilities will be exposed — and that could be fatal."
He sat back, the weight of his worry evident.
The truth was, Real Madrid's lineup had little room for surprises. When you're dealing with global icons in nearly every position — legends with status, contracts, and egos — there was only so much rotation a coach could realistically attempt. Most selections in the forward line were a given.
On paper, their approach looked bold — control possession, apply pressure high, and use the brilliance of their attackers to overwhelm Ajax.
But in practice, that was much harder to execute.
In such a setup, the attacking players needed to press, harass, and pin Ajax deep — to exert constant pressure on the ball. But Madrid's forward line, with the likes of Ronaldo, Zidane, and Beckham, wasn't built for high-intensity pressing. These were elite stars in their thirties. You couldn't expect them to chase endlessly like twenty-one-year-olds trying to make a name for themselves.
Even if they had the will, their legs might no longer have the capacity.
And if they didn't press… then Ajax would have time and space. And with Yang Yang lurking up front, just one mistake might be enough to flip the entire match.
...
Florentino Pérez had spent his entire life around football. He didn't need a tactical analyst to explain what was happening on the pitch — he could see the signs clearly, even from high in the Bernabéu's executive tier.
He understood the flaws in the current Real Madrid squad.
He wasn't blind to the problems. He simply felt powerless to fix them now.
What he had created — the Galáctico era — had begun with vision and ambition. But now, it felt like the club was caught in an endless loop. A glamorous illusion spiraling toward decline.
The very superstars he had personally brought in — Zidane, Ronaldo, Beckham — were all aging. And most of them hadn't been young when they arrived. He had built a team of icons, but time was no longer on their side. The dressing room had lost its competitive edge. Without fresh hunger or internal rivalry, the squad had started to feel like a sanctuary for fading greatness, not a platform for elite performance.
Florentino had always prided himself on maintaining strong relationships with his marquee players. There was trust. Friendship. Mutual admiration. But that very closeness had become a trap. It had made it hard — emotionally and politically — to make the ruthless decisions needed to move the team forward.
Selling Zidane, for example, wasn't just a football decision. It would have been a personal betrayal — one that Florentino couldn't bring himself to commit.
But by refusing to refresh the squad, the team's form had stagnated.
And now the pressure was coming from above and below.
The board of directors had grown openly frustrated with his refusal to shake things up. The club's members — the socio base that held Real Madrid's identity — had lost patience entirely. He still remembered the sting of that moment when, after being humiliated by Barcelona at home, Madridistas in the Bernabéu rose to applaud Ronaldinho, the man who had dismantled them.
That applause was the loudest criticism he had ever received.
It had cut deeper than any headline or boardroom whisper.
And tonight, if Real Madrid were to lose again — this time at home, in Europe — Florentino wasn't sure what would happen next.
He couldn't afford another public embarrassment. Not with the fans. Not with the media. Not with the club's power brokers already circling for change.
And the most painful part of it all?
His opponent tonight wasn't just Ajax. It was Yang Yang.
The young captain who had won his admiration. The player he wanted to bring to Madrid. The symbol of what a modern footballer could be — hungry, talented, marketable, and decisive.
Yang Yang was what Real Madrid used to stand for. Now, he stood across the pitch as a threat — perhaps even as a judgment.
As that thought crossed his mind, Florentino exhaled quietly, making sure no one noticed. The voices around him in the box carried on — analysis, tension, shallow optimism — but he no longer heard them.
The pressure he was under had built up for months. Maybe years.
And now, it had reached its limit.
He couldn't take it much longer.
...
...
With the whistle of Italian referee Farina, the world-focused battle finally opened.
Ajax took the lead, but when the ball passed to the frontcourt, Real Madrid was quickly cut off.
After losing the ball, Ajax was not in a hurry, but retreated.
At this time, the team's targeted tactics also showed.
Sneijder trailed behind, mainly to avoid Gravesen's defensive zone, De Jong and Galasek were responsible for the defense of Robinho on the right, Guti and Zidane in the middle, Yaya. Touré also actively participated in the defense, cutting off the connection between Guti and Zidane.
Under the pressure of Ajax, Real Madrid's ball could not be passed in the midfield.
Just over a minute into the opening, Yaya Touré intercepted the ball successfully. Sneijder made a straight pass to Yang Yang in the frontcourt.
Yang Yang grabbed the ball behind Gravesen and the gap before Real Madrid's defense, turned sideways, rushed the ball to the left, and attracted the attention of Sicinho, then passed the diagonal and found Pinar.
The South African international is not fast. The dribble rushes along the left and then crosses back to the middle.
Unfortunately, Yaya Touré's shot that followed was blocked by Casillas with one hand.
Although he failed to score a goal, the Bernabeu Stadium still burst into shock.
When Yaya Touré walked back, he did not forget to wave to Pinar and Yang Yang, saying that he was indeed a little nervous just now, and he didn't let go. When shooting, he was too chasing the angle.
"It's okay, keep up the good work and have a chance!" Yang Yang clapped and encouraged.
Soon, Real Madrid launched an attack.
Robinho broke the De Jong forcibly after getting the ball on the left but was then foul by him.
Although the referee didn't draw the card, he gave Real Madrid a very threatening opportunity to set the ball on the left.
Beckham personally took the penalty and the arc was passed to the penalty area.
Sneijder takes the lead and makes a header.
But the ball is still under Real Madrid's feet, Ajax retreat across the board, steadily organize the defense.
...
...
"Cicinho, pay attention to your position!"
"When Roberto goes forward, you need to stay back — do you understand?"
"We can't push both fullbacks up at the same time! Watch the counterattack!"
"Guti, make a forward run — try something!"
From the edge of the technical area, López Caro was barking instructions with increasing urgency. His voice rang out above the noise of the Bernabéu, a clear sign that he was anything but satisfied with what he was seeing on the pitch.
Real Madrid controlled possession, as expected, but their dominance with the ball had yet to translate into anything meaningful. Despite all their passes and movements, they couldn't penetrate Ajax's penalty area. There had been no real chances, no true threats on goal. Just empty control.
It was an early warning sign — and a troubling one.
On the opposite sideline, Ronald Koeman's plan was already unfolding exactly as intended. Ajax had come to Madrid with a clear tactical blueprint, and every player was executing their role to perfection.
The connection between Guti and Zidane — Real Madrid's primary source of creativity — had been cut off completely. Koeman had placed Yaya Touré, with his powerful engine and relentless work rate, directly on Guti. The Ivorian was shadowing him closely, disrupting his rhythm and denying him space to operate in deeper positions.
With Guti stifled, Real Madrid's midfield build-up began to break down. Zidane, starved of support, was forced to drop deeper to receive the ball, which only played into Ajax's hands. In those areas, Tomáš Galásek and Wesley Sneijder were waiting, ready to press and challenge.
The plan was clear: compress the central zones, cut off Madrid's transitions, and collapse around their playmakers.
Shockingly, in the opening minutes, the Madrid player with the most touches had been Thomas Gravesen.
That, alone, told the story — and it was the wrong one for Real Madrid.
Gravesen had been useful during his time at Everton, where his mix of physicality and box-to-box ability had been valuable. But here at the Bernabéu, surrounded by high-profile stars who operated on a different wavelength, he looked out of sync. He was neither an orchestrator nor a playmaker, and it showed.
With Madrid's midfield failing to deliver the ball forward, Ronaldo began dropping deep, hoping to spark something on his own. But in doing so, the frontline was left empty. There were no runners making penetrating movements behind Ajax's backline.
The flanks weren't helping either.
Both Roberto Carlos and Cicinho were bombing forward frequently, but their overlapping runs often left the backline vulnerable. Neither was known for defensive discipline, and their positioning was becoming increasingly erratic.
It didn't take long for Ajax to exploit it.
In the eighth minute, they struck again — a turnover in midfield, another quick transition.
This time, Yang Yang picked up the loose ball with his back to goal and turned swiftly into space. With a burst of acceleration, he sprinted through the center of the pitch, slicing through the middle like a knife. He raced toward Madrid's defense, reaching the edge of the penalty area just as Sergio Ramos stepped up to challenge.
But before Ramos could get close, Yang Yang released the ball into the left channel, where Steven Pienaar had timed his run perfectly. The South African cut inside from the left rib of the penalty area and let fly with a low right-footed strike toward the far post.
Roberto Carlos, tracking back frantically, lunged with a sliding tackle and managed to deflect the shot just wide.
The ball struck Carlos's shin and rolled out for a corner.
The Bernabéu exhaled — narrowly avoiding an early blow.
In under ten minutes, Ajax had created two clear threats on the break. The pattern was becoming obvious, and anyone watching could see it.
Real Madrid had problems — serious problems — in midfield and defense.
López Caro knew it too.
Ajax were using a strategy that had worked for others all season — compact defending and rapid counters. Many La Liga teams had used similar methods, and Real Madrid had consistently struggled to respond.
And why?
Because their own squad imposed limits on their tactics.
When multiple world-famous stars had to start in the attacking line no matter what — for reasons of status, marketing, or internal politics — the coach's options became restricted. Every manager who had come through Madrid in recent seasons had faced the same problem.
No one had solved it. Not because of incompetence, but because of structural inflexibility.
It was like a knot that couldn't be untied.
López Caro could do nothing now except hope. He could only watch and pray that his players, with all their individual brilliance, could find a way through on their own.
He needed someone to create something. One goal. Just one breakthrough.
If they could score first, everything might settle.
If they didn't, it could unravel quickly.