WITH the greatest respect to Antonio Valencia, his muted unveiling at United this week could hardly compare with what was happening in Madrid on the same day.

In events symbolising how the world pecking order has changed, the Ecuador winger was welcomed to Carrington - not even Old Trafford - on Tuesday by Sir Alex Ferguson in a low-key affair while, over at the Bernabeu, Kaka - all £60m of him - was presented to 50,000 adoring fans, stirred up into a frenzy by the astronomical spending of new president Florentino Perez.

The brilliant Brazilian isn't even Real's star signing this summer, with £80m Cristiano Ronaldo still to be unveiled, to be followed by Karim Benzema and probably Franck Ribery. Compared to United, Real's spending has been from another planet - or should that be galaxy?

Perez's first Galactico revolution at the turn of the century left Ferguson's 1999 treble-winners in its wake, and its second coming could well do the same.

After back-to-back Champions League finals and a potential quintuple United have had to digest a large slice of humble pie since defeat to Barcelona in Rome.

As if the relinquishing of the European Cup wasn't enough, the loss of Ronaldo to their bitterest rivals on the Continent set the tone for a summer of discontent.

It set a dangerous precedent - one that was quickly followed by Carlos Tevez's decision to reject a permanent contract, which will almost certainly see him fall into the welcoming arms of Mark Hughes at City.

And while it is not all bad news for Ferguson - with more than £100m to spend, he has the biggest transfer budget ever at United - he is fast running out of options with it now a distinct possibilty that Newcastle's injury-prone striker Michael Owen is a bargain basement target.

Benzema's decision to reject the Reds in favour of Real, confirmed a new world order - one in which United are no longer feeding at the top table.

There are only a clutch of players who have the potential to fill the void left by Ronaldo, and Real have set about purchasing them as well as the World and European Footballer of the Year. Kaka was astutely sewn up before they even convinced United to part with their star asset.

Benzema was Ferguson's No 1 target this summer, but he too found the lure of Madrid more appealing than Manchester, while Ribery yesterday revealed he wants to become the latest Galactico.

"I have made up my mind, I want to leave," said the Bayern Munich winger. "It will be Real Madrid or nothing."

To read those words from another United target was the final confirmation that for the very best, the Bernabeu is now seen as the only place to be - leaving a humbled Ferguson looking lower down his wish list. Be it now or later this summer, the United manager will know he is in need of significant reinforcement if the Reds are to win a fourth consecutive title and have a chance of wresting the Champions League from Barcelona or Real.

In many ways, the £16m capture of Valencia should give United more natural balance on the right, with Ronaldo rarely confined to wide positions, but the midfield looks short on goals.

Serbian Zoran Tosic is expected to make the breakthrough next season, which will give United balance on both wings, while Ferguson will also hope Nani can add consistency and intelligence to his natural ability. Likewise, in his third season in England, Anderson is expected to consistently show the form that convinced United to spend £20m on a player described as potentially "the best in the world".

But it is the players not currently at United that will be occupying Ferguson's thoughts as he contemplates how to spend his new-found wealth.

He is adamant that he won't be held to ransom, but the truth is that United have long had to live with the fact that they have to pay over the odds for targets - Dimitar Berbatov, Michael Carrick and Rio Ferdinand being just three examples.

He spoke in glowing terms of Frank Lampard at the end of last season, and what would he give for the England international? Likewise Michael Essien - and in an ideal world a double swoop for the Chelsea pair would arguably see United emerge from the summer stronger than they were at the beginning of it. That is the stuff of fantasy, with £20m Brazilian teenager Douglas Costa, and Atletico Madrid's brilliant Argentine striker Sergio Aguero and City wanted man Samuel Eto'o more realistic targets.

Ferguson ended last season needing a combative midfielder, but now it is a striker that is his priority. For all the promise of Danny Welbeck and Federico Macheda, it will be too soon to expect either of them to be promoted to next in line behind the pairing of Wayne Rooney and Berbatov.

Dutchman Klaas Jan Huntelaar is another option, with the striker likely to be one of the main casualties of Real's spending this summer.

Ferguson looked long and hard at him when he was at Ajax and could be tempted again if the price is right. Real could provide a few bargains with Wesley Sneijder, Rafael van der Vaart and Arjen Robben all on the transfer list.

Valencia's David Silva is a player Ferguson tried to sign last summer, though he would face competition from Liverpool for the Spanish international, just as he'd have to fend off Chelsea if he decides to move for AC Milan's Brazilian star Alexandre Pato.

An outside prospect would be Emanuel Adebayor, who Ferguson tried to sign in the past and is likely to leave Arsenal - assuming Real don't take a fancy to him too.