Rafael Benitez saw his 10-man Real Madrid settle for a point after Valencia twice came from behind in a pulsating meeting at Mestalla.
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Karim Benzema and Gareth Bale netted for Los Blancos, who had Mateo Kovacic sent off, but Dani Parejo’s penalty and Paco Alcacer’s header shared the spoils.
Benitez, who was heralded by fans of his former club in honour of the championships he won there in 2002 and 2004, will feel frustrated at the outcome but there were signs, certainly in the first half, that he is starting to find a more balanced approach – although Real’s defensive frailties remain a big worry.
With Benitez’s surprise selection of Kovacic providing more midfield stability, Madrid started well and created the first chance when the lively Bale found Danilo whose shot flew too high.
Valencia had a penalty appeal waved away as Alcacer was sandwiched between Pepe and Keylor Navas, but the hosts were struggling to impose themselves.
Gary Neville is fantastic to listen to post-game. Really impressive, very convincing.
— Sid Lowe (@sidlowe) January 3, 2016
The opener soon arrived with a magnificent strike from Benzema, which came when a beautiful back heel from Bale and a neat flick from Cristiano Ronaldo allowed the French striker to steer a low shot into the corner in a rapid move.
But Valencia boss Gary Neville will have been left frustrated that the chance only arose after his defender Aymen Abdennour produced a heavy touch on the edge of his area to concede possession.
At this stage Madrid were in full control, and although they were not creating a regular flow of chances their structure was a lot more solid than in previous weeks.
Gradually, however, Valencia started to exploit Los Blancos’ ongoing issues with defensive width, with Rodrigo De Paul cutting in from the left to create two good chances; the first headed wide by Joao Cancelo, the second forcing Sergio Ramos into a good block from Andre Gomes.
Just before the break the same problem resurfaced as Bale saw a strong penalty appeal turned down and a long punt downfield allowed Gomes to race down the left and into the area where he was clearly fouled by Pepe for a penalty, which Parejo confidently swept home.
Real started the second half well and Bale whipped a free-kick over before Marcelo had a close-range strike blocked by Lucas Orban, with Valencia rarely able to attack.
But as they had in the first half, Los Che slowly grew into the game and threatened when Gomes, their most dangerous attacking player, fizzed a 25-yard strike which Navas awkwardly tipped over.
Then came another flashpoint as Ronaldo ran onto a long ball and leapt over the challenge of onrushing keeper Jaume Domenech to fiercely claim a penalty which was denied by referee Jose Sanchez. Valencia immediately broke and the ball dropped loose to Cancelo who was crudely chopped down by Kovacic to earn a straight red card.
Bale switched to the left wing as Benitez adopted a 4-4-1 formation, but the Welshman was still able to get forward and brilliantly head home a right-wing free-kick from Toni Kroos to restore the lead.
Within seconds, though, Valencia levelled as De Paul crossed from the left, substitute Rodrigo headed back across goal and Alcacer easily nodded home.
Both sides could have scored again in a frenetic finale with Valencia substitute Alvaro Negredo missing a one-on-one and Bale blazing over in the final seconds.
