That’s the verdict of Spanish football journalist Guillem Balague, who feels Los Blancos are in unfamiliar territory heading into this blockbuster last 16 clash.
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There’s no fear – Zinedine Zidane said as much in his pre-match press conference – and you would expect that from a club who has been crowned European champions a record 13 times.
But amongst their self-confidence, Balague feels, is an awareness that a City side at their best will be a difficult proposition.
“They’re not scared,” he said, “Having spoken to people in the camp, they think they’ve got a good chance of going through.
“But also, and perhaps this is relatively new, they have a good chance of not going through.
“In the past Real Madrid have been confident of going through whoever they face, but now they know they have limitations.
“The goals of Cristiano Ronaldo haven’t been replaced. They need to work collectively to make an impact.
“They trust their own strengths, but they know if City click collectively and everyone does their jobs, they could be unstoppable, while you don’t see Real Madrid reaching those heights.
“I’m not saying they have doubts, but they realise they have to raise their level compared to what they have had to do this season.”
Madrid’s form has faltered in recent weeks, however.
Boasting the meanest defence in La Liga, Zidane’s side have conceded eight goals in their last four games, in which they suffered a cup defeat to Real Sociedad, as well as a La Liga loss at the hands of Levante.
But Balague sounded a note of caution for anyone thinking this is the perfect time to face Madrid.
“When the Champions League music starts you will see the best Real Madrid of the season,” he explained.
“Recent form will be irrelevant. It will be so obvious. It’s not like they don’t have quality with the ball. It’s just the defending.
“They have been defending like individuals in recent weeks, not as a collective, hence they conceded four against Real Sociedad.”
So what of City and Pep Guardiola?
A Catalonia native, Balague says both fans and journalists alike are excited by the prospect of Guardiola‘s return to the Spanish capital, as one Barcelona’s most famous sons takes on their fiercest rivals.
And, with so many intriguing sub-plots to consider, he is expecting the action on the pitch to deliver on the pre-match expectation off it.
“It invokes a lot of memories of classic encounters against Pep Guardiola,” he said of the tie. “It is also a competition they adore.
“It is an opportunity to rekindle some individual debates about how teams should play, about the importance of leadership and the difference between Zidane and Pep.
“It’s a shame it’s arrived so early because it could have been an epic semi-final. I think they are two of the best teams in Europe.”