After spending more than 250 million euros ($341 million) to build a second dynasty of 'Galacticos' , Real Madrid were expected to lift this season's Champions League trophy in the May 22 final at their own Santiago Bernabeu stadium,

But that dream was shattered on Wednesday as Lyon eliminated Real 2-1 on aggregate at the last 16 stage.

Pressure is always intense on Real Madrid managers and Manuel Pellegrini had more than usual after a massive summer outlay on Kaka, Cristiano Ronaldo and company - but money doesn't guarantee success and the bitter Champions League exit leaves the likeable Chilean fearing for his job.

Pellegrini was entrusted with ending Real's last-16 hoodoo but it struck again as Real exited the competition at the first knockout stage for the sixth successive season.

"The first person responsible is the coach," said Pellegrini. "My future depends on the board and the only thing I can do is continue working like I have been doing.

"Getting to the final was the ambition of everyone here so the elimination is very painful.

"This loss is a real setback but we have to lift our mood, look forward and continue working to win the league."

Ronaldo's seventh Champions League goal on six minutes leveled the tie at 1-1 for Real but Lyon teenager Miralem Pjanic, 19, scored the dreaded away goal on 75 minutes and Real crashed out 2-1 on aggregate.

"We are all really annoyed and angry," said goalkeeper Iker Casillas. "It is difficult to stomach and a real setback.

"I ask for the forgiveness from the fans for this defeat in a competition where we had the highest hopes. We have to accept our responsibility for what happened."

The 33-year-old veteran Guti, a three-time Champions League winner (1998, 2000, 2002), called on Real to play more as a team rather than individuals.

"It is a real shame but this shows that in the important games we don't know how to kill them off," said captain Guti.

"We have to be more of a team rather than individuals. Lyon were more of a team and you have to admit that. I don't think we came out (after the break) how we wanted and they pushed forward.

"Every time you lose in this competition it hurts and this year is even more painful.

"Now we just have to think about the league which is all we have left to play for."

The league, where Real are level on points with Barcelona at the summit, is the only hope of silverware for Real and even winning that may not save the job of Pellegrini, who arrived from Villarreal in the summer, with the early Kings Cup and Champions League exits bitter pills to swallow.

Fabio Capello, Bernd Schuster and Juande Ramos have gone through the managerial revolving door at the Bernabeu in the past few seasons and the speculation will be growing about Pellegrini in the wake of the Lyon setback.

Real must somehow pick themselves up for the next league game at Valladolid on Sunday as they bid to wrestle the title from Barcelona and avoid a second consecutive season without silverware.