Real Madrid left to regret not cashing in Manchester United insurance policy for Gareth Bale

Welsh forward has long been admired by United, but as Real look to offload him this summer, interest has understandably waned

Gareth Bale was an unused substitute for Real Madrid's final game of the season - a 2-0 home defeat to Real Betis. Getty Images

“I wanted him to be my first signing at Manchester United,” the manager said. Not Ole Gunnar Solskjaer in 2019, but David Moyes, lamenting the one who got away in 2013. “We came close,” Moyes said, which is not the way Gareth Bale’s camp recall it when, as the Scot accepted, his heart was set on Real Madrid.

It is a reminder of how long the spectre of Bale has loomed over United. A player who dismantled them towards the end of Alex Ferguson’s reign has felt the great lost United player, the signing his three immediate successors did not make, though at least two tried, their dream buy, marrying commercial value, stardust and a skillset that suggested he belonged in a tradition at Old Trafford.

All of which placed Real Madrid in an enviable position. They benefited from Bale’s services – and with four Champions League wins in five years, two of them aided by decisive goals, gained hugely – while in the knowledge that they could have recouped their £85 million (Dh396m) investment, and perhaps made a profit, courtesy of United’s ongoing obsession.

Until that five-year guarantee, the best warranty in football, expired without Real cashing in on it. As late as last summer, they could have enjoyed the best years of his career and still been in the black.

Now, when they could require that £100m or so to sign Eden Hazard, that failure to sell could rank as a costly misjudgement. For all the talk of mismanagement at United, it could be fiscal error by Real.

The context has changed. Partly because Bale has become the Real pariah, the unused substitute in internal exile, the man Zinedine Zidane has discarded. But partly also because there are different noises from Old Trafford.

Ed Woodward remains a high-profile admirer and interest from United cannot be discounted, but nor should it be taken for granted. Bale no longer tops the shortlist. Or not the current Bale, pushing 30 and with a reputation for being injury prone.

It is notable that, in the nostalgic reboot of the Solskjaer era, United have set their sights on players with Bale’s characteristics, wide men with pace, but who are around a decade his junior, whether Jadon Sancho or Daniel James.

It is entirely possible that United will sign a Welsh winger this summer and it will not be Bale. There is a vacancy on the right wing and he might fit with the executive vice-chairman’s ethos, but probably not Solskjaer’s.

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Real Madrid overhaul: Who's likely to stay and go this summer?

Thibaut Courtois: Has failed to impress since his arrival from Chelsea before the season. A leaky defence hasn't helped and many fans would have preferred Navas to remain between the sticks. Should remain as number one next season. Getty Images

Keylor Navas: Can feel hard done by having been on the wrong end of a return to Real's Galactico transfer policy as they bought big-name Courtois when a keeper wasn't a priority. A key part of their European Cup successes, he may not want to spend another campaign on the bench. An outstanding number two to have, so Real will want to keep him unless they get a decent offer. Getty Images

Daniel Carvajal: A long-term fixture at right-back unless there's a dramatic fall in form. Contracted until 2022, so will stay. Getty Images

Sergio Ramos: A complicated situation. If Jose Mourinho returns as manager, which is being widely reported as likely to happen, it could spell the end for the Spanish defender after their tumultuous relationship the first time around. Ramos is still a canny defender and has contributed 11 goals this season but his disciplinary record remains terrible (14 yellows, 1 red this season) and as he approaches his 33rd birthday he could be the one to make way if the defence is broken up. Reuters

Raphael Varane: The French World Cup winner has been a mainstay this season and at 25 is approaching his prime. Would take a massive offer to prize him away. He'll stay. AFP

Nacho: Sent off against Ajax this week and against Levante last week. Now 29 and has started only 88 league matches in his Real career having come through the ranks. A squad player next season. Getty Images

Marcelo: Arguably the best left back in the world for the past few years but has fallen down the pecking order of late having been dropped from Real's fragile defence after a number of errors. It could be time for a new challenge and his wife's cryptic social media message has added fuel to the fire. "Know your worth. When someone treats you like you're just one of many options, help them narrow their choice by removing yourself from the equation," she posted. Expect to see the Brazilian playing elsewhere next season. Getty Images

Alvaro Odriozola: An able deputy to Carvajal. Will stay unless he wants more regular action. Getty Images

Sergio Reguilon: The 22-year-old has replaced Marcelo at left-back and has an exciting future ahead. Could be first choice next season. AFP

Toni Kroos: Are the 29-year-old's best days behind him? He's been likened to a 'diesel tractor' in recent weeks and has endured his worst spell during his five years at the club. Missing in action against Barcelona, he's the one most under threat in midfield. AFP

Luka Modric: Now 33 but the best player in the world only a few months ago. Too good to write off just yet. AP Photo

Casemiro: Supposed to be protecting the defence but it isn't getting a lot of protection. The 27-year-old has chipped in with a few goals this season and will line-up again next season. AFP

Marcos Llorente: Has featured mainly in the cup competitions and netted twice from midfield, including a cracker in the Club World Cup in Abu Dhabi. At 24 he could do with more regular action and his been hit by injuries this year. A squad player next season. AFP

Marco Asensio: A regular under Zidane last season, this time around has been more testing. Just one league goal and a couple in the Champions League for the attacker who has been mostly used from the bench. Would command a decent fee but surely has plenty more to offer Real. AFP

Brahim Diaz. Has played just 24 minutes since arriving from Manchester City in January. May look for a loan move next season if he's still not involved. Real see him as one for the future. EPA

Isco: It's all gone wrong for the Spaniard this season. Only one league goal and little involvement under Solari. Europe's big clubs will be watching closely and don't expect to see him at Real next season unless a new manager is ready to reintegrate him. EPA

Mariano: Only two goals and few minutes on the pitch. Not the answer to Real's goalscoring problems. Could be used as a makeweight in a summer striker search. Reuters

Karim Benzema: A fine servant and has scored 20 goals this season but the feeling is Real won't triumph again with Benzema leading the line without Ronaldo to score 40 goals alongside him. He may have to accept a lesser part next season depending on who they sign. AP Photo

Gareth Bale: It hasn't been a smooth marriage during the past six years and the Welshman is the one player who would command a huge fee. A brilliant but undervalued player and still injury-prone. A good chance he'll be elsewhere next season. AP Photo

Lucas Vazquez: A workhorse rather than a goal threat and it's goals Real are lacking. A handy squad player but Real will be looking for more flair. AP Photo

Vinicius Junior: Has started to make an impact after a slow start. The youngster will be given time to develop and should be part of Real's plans for years to come. Getty Images

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United should be scarred by their last raid for a supposed Galactico. Alexis Sanchez is a chastening failure who could represent a colossal drain on the wage bill for years.

Even United ought to hesitate before lumbering themselves with two Sanchez-style salaries for players with limited resale value and whose dynamism is being reduced by the years.

The Chilean is a one-man warning not to sign the declining and, given Solskjaer’s fondness for youth, United’s age profile is an increasing issue.

They are one of the few clubs who could afford his pay cheque, which limits the market for potential buyers. Bale’s earnings are so far above Tottenham’s wage ceiling, for instance, that any return to former employers could only come with Real subsidising it.

One of the most successful players of his generation may have to be loaned out. And while United erred by borrowing a semi-fit, ageing Radamel Falcao, at least their expenditure on him was limited to a season.

While Bale lingers in limbo, United could feel a loan deal is a worthwhile gamble. But while Real seem keen to kick him out, they should be kicking themselves. Had they sold Bale in time, they could have used him to fund a superstar replacement.