Full time. That's the final whistle. Dramatic second half with five goals and Cristiano Ronaldo has the last word. City looked on the brink of a famous win but Real turned it around in the last few minutes to break the visitors hearts. Harsh Champions League lesson.
Ahead for the first time, Real are happy to control possession now.
There will be three minutes of added time.
Ronaldo cuts in from the left and fires a dipping shot on goal. It's near to Hart but seems to baffle him and he reacts late. Poor keeping really after an impressive night but it looks like Ronaldo will be the hero.
Goal! Cristiano Ronaldo with (surely) the winner in the last minute!
Dzeko booked for handball.
Ronaldo looking for a winner now and he shoots to Hart's right but the keeper is up to the challenge and pushes it away.
The French striker turns on the edge of the box and fires a shot low past Hart into the bottom corner.
Goal! Karim Benzema with an equaliser!
Benzema fouls Zabaleta and it's another chance for City to cross. Kolarov swings it in from the right and there's a slight touch from Alonso to deflect it past Casillas. What a night this could be for City now!
Goal! Aleksandr Kolarov goes all the way through and curls into the far corner!
Modric with a clumsy challenge on Tevez on the box and that was close to a penalty... Dzeko then shepherds the ball out for a corner. Ronaldo wins the header to clear.
Kolarov wins a corner thanks to a surging run down the left.
Modric with a controlled shot from distance but it's too close to Hart and he catches.
Dzeko nearly gets on the end of a simple ball in the inside left channel. Another reminder that he could be a threat late on.
Di Maria puts a cross in and Ozil looks to have stolen a yard at the near post but Nastasic does well to block. Then Benzema has a go from a tight angle and Hart saves. When it comes out to Alonso from distance Hart holds on to the shot. Dramatic stuff!
City a serious threat on the break but you sense they'll have plenty of defending to do now. Marcelo getting involved more and more going forward.
Tevez gets away to the byline and puts the ball across the area but it sails harmlessly through. Chance gone but end-to-end now.
Marcelo cuts in on his right foot this time and puts a ball high over Hart into the roof of the net from a deflection ogff Garcia
Goal! Marcelo with a long shot that he gets right!
Chance! Yaya Toure with another run through and he is free in the right channel. Drills a shot into the sidenetting. Decent opportunity if he had gone across the keeper.
Zabaleta is on for Maicon.
Benzema is on for Higuain.
Khedira is off and Modric comes on.
Another chance for City on the break and they are three-on-three. Tevez opts to go left to Kolarov and the Serb blasts a shot at Casillas that he can only palm back into the danger zone but it doesn't fall to a City player.
Alonso whips a cross in from the left and Kolarov just gets a touch over the bar to concede a corner. When the ball comes in Varane heads over. The home side looking increasingly urgent now.
Yaya Toure manages to get away from a couple of challenges in his own half and runs through. He has Dzeko to his left and finds him. The substitute is one-on-one and sends Casillas the wrong way with his left foot. Fantastic stuff for City.
Goal! Edin Dzeko has scored against the run of play!
Good possession from City in this 3-5-2 shape with Kolarov and Maicon pushing on as wing-backs.
Marcelo with another long range effort just over the bar.
Essien is off and Ozil is on in his place.
Dzeko's first contribution is to be adjudged offside.
Tevez has the chance to shoot after the initial cross is cleared but he loops the ball over the bar.
Silva is off to be replaced by Dzeko and the Spaniard gets a warm reception from the home crowd.
Silva twists and turns in the left channel before Varane fouls and that is great play from the City man. Gives his team some breathing space... and a chance to cross.
Pressure is relentless now. Marcelo is the latest to drill in a shot and it looks to be heading for the top corner but flies a yard wide.
Ronaldo gets in behind Kompany and crosses but it eludes Higuain.
Ronaldo tries a new trick - stopping the ball with his one foot only to flick it forward with his trailing foot - but it doesn't quite come off, only pushing him wide. Chance gone.
Then a cross skim across the six-yard box and Clichy must clear. When it comes out to Di Maria he curls the ball well over.
Dangerous for City as Nastasic gets a pass-back wrong and Higuain nearly gets there ahead of Hart.
Garcia wins the header from the corner but he was under severe pressure and can only divert it over the bar.
It opens up for City through Toure and he gets a shot off. It's blocked for a corner.
Alonso with a poor delivery from the subsequent free-kick.
Garcia booked against his former club for a mistimed slide challenge.
Alonson with a throughball from deep and Kolarov has to get a toe to it to cut the ball out. A reminder that this is on a knife-edge for the visitors - only a single lapse of concentration away from being behind here.
Maicon trying to press high but is adjudged to have fouled Marcelo and told to calm down.
Kolarov in behind the Real defence and has the chance to cross but miscontrols and just runs the ball out of play. Poor stuff from the substitute.
City deal with the corner well, winning a series of headers before Clichy nods back to Hart.
Real on the attack again and Di Maria with a shot again... deflected off Barry and nearly dips in but it's just a corner.
City get us underway in the second half.
Half time. That's the end of the first half. Real dominant and had some good chances but Hart did better than the home side's forwards and it's goalless at the break.
Di Maria shoots but Hart just watches that drift wide.
There will be one minute of added time.
Barry tries to send Kolarov away down the left but the flag is up.
Now Tevez buys a foul off Pepe on the halfway line.
Di Maria's cross is not a good one and Silva can set Tevez away but Varane is there to cover.
Foul by Khedira on Barry will give City time to regroup.
Ronaldo has a shot blocked but it's sustained pressure at the moment. City stringing six across the back. It forces Di Maria to shoot from distance and he curls the effort just wide of the far post.
Chance! And I say that Di Maria clips a ball over the head of Kompany.. the defender thinks Hart is coming but he's nowhere. It's Higuain's ball but he hits it over from just a few yards out. Great chance for the striker.
Di Maria fouled by Barry as he tries to break. City doing a better job of stifling Real now.
Brilliant run by Toure. He was fouled a couple of times but just powered away from the Real midfield and it was four-on-two at one stage. He slides the pass to Silva but the Spaniard checks his run and when he cuts back on his left foot the effort is blocked.
Kolarov is on for Nasri.
While Nasri is off, Marcelo sees a cross deflected safely into the arms of Hart.
Nasri down with an injury and City could be forced into a change here.
Di Maria has an easy pass to Marcelo but tries to cut him out and go long to Ronaldo - and loses the ball.
Barry spreads the play well but when the cross comes in from the right it isn't a good one and the chance is gone. Better possession from City though. Have they weathered the storm?
Toure then has a chance to break but gets his defence-splitting pass to Nasri all wrong.
Superb defending from Kompany. It looked like Khedira had a two-on-one scenario but there was no way past the City skipper.
Toure with a sloppy pass and Barry is forced into the foul. Mancini doesn't look impressed.
Essien shoots wide with a skewed effort.
Di Maria crosses but Kompany is there to clear. You wonder if Real might have the breakthrough by now with a little more creative nous in midfield.
... But they are restricting Real to efforts from distance in the main. Ronaldo puts another shot wide.
Marcelo attempts a crossfield pass to Di Maria but Nastasic is there. Even so, he concedes a throw-in and City still struggling to get out of their half.
Lengthy possession from Real on the edge of the City area but Nastasic and then Kompany clear the crosses.
Hart attempts a clearance and hits Ronaldo - he's fortunate that it bounces well wide for a goal-kick.
Cross comes in from Ronaldo but Hart catches.
Crowd getting involved now as a couple of decisions go City's way. It's near relentless pressure from the home side. Now Ronaldo wins a free-kick for a foul by Maicon.
Double chance for Real! Di Maria lofts a ball through to Higuain and he just needs to bring the ball down to have a one-on-one. His touch isn't the best and Hart can push him wide. But the lay-off finds Ronaldo who attempts a spectacular volley which falls to Khedira who sidefoots over. Both great opportunities.
Maicon swings a cross in at the other end but Real clear.
Arbeloa does well to get away down the right and cuts inside Clichy but his left-footed shot is straight at Hart.
Di Maria takes but a foul is called against Ronaldo.
Higuain wins a corner down the right.
This time Maicon does deal with Ronaldo down the flank but you get the impression he could do with some help.
Good play from City and it's Toure nearly putting Silva clear inside the box but Arbeloa makes a desperate challenge to cut it out.
Di Maria tries to thread a pass through to Khedira but Hart is off his line well.
Fourth shot of the night from Ronaldo cutting in from that left flank and Hart saves again!
But that's the other side of Essien - tackling Nasri on the edge of the City area and nearly finding a way through.
Move breaks down after poor control from Essien. He looks a little rusty right now.
The corner comes to nothing but the pressure is still on.
Chance! Throw-in for City high up the field on the right but they are reluctant to cross and come out of there - it's a huge mistake and allows Real to break through Ronaldo. He beats Kompany easily and tries to pass the ball into the corner but Hart saves brilliantly.
First spell of possession from City and Tevez does well to hold it up before fouling Pepe as he tried to chase a ball into the corner.
Cross from Arbeloa is too long and City can break through Toure but they soon lose it. The visitors will at least be encouraged that the tempo from Real is not fast.
Long pass from Alonso but that's too strong and runs out for a goal-kick.
Still all Real in the early stages but City will want to keep them from getting in behind for now.
Second shot of the night for Ronaldo after a bit of trickery to deceive Maicon. Cuts inside and flashes an effort across goal and wide of Hart's far post.
Home side dominating the possession as you would expect. City happy to keep their shape for now.
Shot from Ronaldo and that's wide of the target.
Early touch for Essien on debut.
Real Madrid kick-off and we are underway.
Anyway, the players are out on the pitch and we'll be hearing that Champions League anthem shortly.
Fair point, Aaron. Unleashing Yaya has certainly worked for Mancini's men before and I'm not surprised to see City's formation. Do find it curious that Real have overlooked both of Ozil and Modric though.
Aaron: "I think perhaps a little too much time is being devoted to thinking these selections are negative. Let's see the game kick-off and then decide because I think both of these teams will be positive. Certainly City will playing both Nasri and Silva with Yaya supporting Tevez. Can't wait!"
Ramos, Kaka, Benzema, Ozil, Coentrao and Modric on that Real Madrid bench. Fair to say the home side have options...
Ben says: "Mourinho done the right thing I think, Man City win their matches from midfield so they need to be challenged in the middle. Ozil is too lazy for that and Modric hasn't bedded in yet. If Mourinho is dropping players that haven't impressed him, I can't understand why Di Maria is still there!!. 2-2 Draw for me."
Perhaps these two managers have devoted a little too much time to trying to out-think each other with these selections?
But the Portuguese coach is under pressure himself in Madrid after a poor start to their Primera Liga campaign. Like any Real Madrid boss, he knows he will be defined by what he does in Europe's premier club competition.
While Mancini won three Serie A titles with Inter it was Mourinho who brought the much-coveted European success to the Nerazzurri. In fact, Mancini is yet to get past the quarter-finals of the Champions League as a manager with Lazio, Inter and City.
Of course, this is also a meeting between two former Internazionale managers.
Sergio Ramos dropped for Real Madrid too. That's an interesting one - he's obviously not impressed Mourinho this season.
Sergio Aguero is on the bench for City. No place in the squad for Mario Balotelli.
Kyle: "I want City to win but it will be a hard challenge."
Jason: "I can see 1-0 either way with Pepe or Yaya Toure with the goal."
Not quite sure what to make of it if those are the teams - Mesut Ozil and Luka Modric on the bench for Real while Michael Essien starts in midfield with Sami Khedira and Xabi Alonso? Seems overly negative. And it's similar with City - except there is the added quirk of Matija Nastasic being given a surprise start in defence ahead of Joleon Lescott. What do you think of that? Try to confuse me further on Twitter @GhostGoal or by email at email@example.com
There has been a lot of confusion over these line-ups with UEFA changing the official teams so I'll tentatively call those final... for now.
Real Madrid: Casillas; Arbeloa, Pepe, Varane, Marcelo; Khedira, Alonso; Di Maria, Essien, Ronaldo; Higuain
Manchester City: Hart; Maicon, Kompany, Nastasic, Clichy; Barry, Javi Garcia; Nasri, Yaya Toure, Silva; Tevez.
The teams are in and will be up shortly.
Matt says: "Emailing from Calgary, Canada - I will be happy with a draw, but I can see us squeezing a late one for the win. C'mon City!!!!"
Nine-time champions Real Madrid have successfully negotiated the group stages of the tournament in each of their last 17 participations in the competition.
With four-time European champions Ajax as well as former winners Borussia Dortmund, who did the double in Germany last season, also in Group D it has understandably been dubbed the Group of Death.
It's the first competitive meeting between the two teams and Real Madrid are looking for their 100th win in the competition since the advent of the UEFA Champions League in 1992. They'd be the first team to achieve the feat.
Our friends at Sky Bet make Real Madrid 8/15 favourites to win this one with Manchester City the 9/2 underdogs. The draw is available at 100/30.
Let me know your thoughts and predictions ahead of this one by email to firstname.lastname@example.org or on Twitter @GhostGoal.
Welcome to our live commentary of the game at the Santiago Bernabeu Stadium as Real Madrid host Manchester City.
The teams will kickoff at 19:45