Real Madrid back coach Manuel Pellegrini

Pellegrini oversaw Real's exit from the Champions League

Under-fire Real Madrid coach Manuel Pellegrini has received the backing of director general Jorge Valdano after the club's Champions League exit.

The nine-times champions of Europe failed to reach the quarter-finals for the sixth year in a row after Lyon beat them 2-1 on aggregate in the last 16.

"We will respect Pellegrini because we believe in his work," said Valdano.

"He has a contract for next season and the plan is that he will continue being our coach."

He added: "The season hasn't finished and there are still things to fight for."

Pellegrini is Real Madrid's ninth different coach since Vicente Del Bosque left the club in 2003.

Questions were asked about the 56-year-old's credentials earlier this season in the wake of the Spanish giants' Copa del Rey humliation - they were dumped out of the competition 4-1 on aggregate by third-tier outfit Alcorcon.

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And the spotlight has once again fallen on him in the wake of their failure to get the better of Lyon after Miralem Pjanic's 75th-minute half-volley at the Bernabeu gave the French side, leading 1-0 from the first leg, a 1-1 draw and their place in the last eight.

Valdano added: "This project (under president Florentino Perez) has only just started and this was a sad night because we had placed a lot of hope in this competition.

"We need to be more united than ever, to encourage the players and show our personality, to get over this situation and face the criticism that will come."

The loss will be especially painful for Real Madrid given that the final will be held at their home ground, the Bernabeu, on 22 May.