Former Real Madrid chief Pedja Mijatovic says last night's Champions League semifinal thrashing at Manchester City marks the "end of a cycle".

The 4-0 humbling saw Real eliminated 5-1 on aggregate.

Mijatovic later said: “I think that we can clearly talk about a cycle that has ended. This team has given us a lot of joy in the last 10 years. It has managed to win everything that could be won, it has won 5 Champions Leagues, three of which were consecutive.

"All this is perfect, but tonight has shown that Real Madrid must think about the future. The team has not been good, the rival has been much better, we have all seen that, starting with the coach and the players. Now we have to make plans for this summer and for the future.

"It's not easy at all to change a team, bring in new strikers... We all know that Real Madrid needs a new striker, they need full-backs... but it's not easy. Where do you find them? How are they going to adapt? You have to do a deep analysis and make decisions.

"(Carlo) Ancelotti? It seems to me that it is quite difficult for him to continue. Personally, I would like to see him next year, but knowing a little how the people who make decisions in Madrid think, it is quite difficult for him.

"The question to Emilio Butragueño ... He can't say anything else today other than remembering that he has a one-year contract. If you deeply trust a coach, you say that Carlo Ancelotti stays, period. You don't say that he has a contract, that he has one year left.

"He's a great coach , but this defeat... Neither you nor I make the decisions. My sense of smell says that it is difficult for him to continue. What I want is to see him here next year. I feel that this could take its toll on him."