ANALYSIS: Valencia 2-2 Real Madrid

Valencia denied former manager Rafael Benitez a much-needed win on his return to Mestalla as Paco Alcacer's late header earned his side a 2-2 draw with 10-man Real Madrid in a frenetic encounter that had just about everything.

Benitez, making his return to a club he guided to two Spanish Primera League titles, will likely face further difficult questions over his future after another indifferent display that saw Alcacer grab the headlines moments after Gareth Bale looked to have headed in the winner.

Karim Benzema opened the scoring with a beautifully worked early goal to silence the home crowd.

Gary Neville's side was rewarded for its endeavour, though, when captain Dani Parejo levelled from the penalty spot moments before half-time.

Like in their 3-1 win over Real Sociedad last week, Benitez's men lacked fluency in the final third, with Neville's former Manchester United team-mate Cristiano Ronaldo failing to inspire his side to a victory that would have moved it back to within two points of the league lead.

Mateo Kovacic – in for James Rodriguez after the Colombian's reported speeding incident in midweek – was sent off 21 minutes from time for a poor challenge, although Bale looked to have given his manager breathing space when he nodded in Toni Kroos's cross eight minutes from time.

However, when Alcacer headed home unmarked a minute later, Neville – still to mastermind a league win – was ensured a deserved point, while Benitez was left to rue another sloppy display.

Both sides had excellent chances to win the match, but like the goals before, two quickfire opportunities were spurned, first by Valencia's Alvaro Negedo, who couldn't beat Claudio Bravo in the Madrid net, and while the Bats rued the missed chance, Gareth Bale was put into a scoring position himself, but fired over the target, after which the final whistle blew.

Benitez received a warm welcome at his old club and saw Bale's deflected cross give Jaume Domenech a scare before the Welshman played a key role in Madrid's opener 16 minutes in.

Bale's back-heel found Ronaldo, who nonchalantly laid the ball off for Benzema to sweep home as Madrid's much-vaunted "BBC" clicked into gear early on.

The opening half hour continued in breathless fashion before Joao Cancelo spurned the first of two glorious Valencia chances when he got between Sergio Ramos and Pepe only to head Rodrigo de Paul's cross wide.

Andre Gomes then collected De Paul's intricate pass before blazing his effort wide and Aymen Abdennour hooked a shot past the post after a goalmouth scramble.

Valencia piled on the pressure before the break and got its reward when Gomes surged into the area, where he was felled by Pepe. Former Madrid man Parejo calmly placed the ball past Keylor Navas from the spot.

Madrid began the second half brightly, Marcelo denied with a superb last-ditch tackle from Lucas Orban in what remained a fast-paced encounter.

As Valencia stayed resolute at the back, Ronaldo saw penalty appeals waved away when he appeared to be felled by Domenech before Kovacic received his marching orders for his dangerous lunge on Cancelo.

Madrid threw men forward in search of a winner and looked to have claimed victory when Bale rose to expertly guide in Kroos's cross, only for Alcacer to have the final say.

The Spaniard's eighth league goal of the season earned Neville's men a point to leave Madrid winless in four attempts against Valencia, which could have claimed their coach's first top-flight win when substitute Alvaro Negredo was thwarted by Navas in stoppage-time.

The draw did, however, lift the hosts in to the top half of the table as it searches again for qualification into the UEFA Champions League.