Sir Alex Ferguson did enjoy one win on Wednesday. A horse of which he owns a large chunk prevailed by a neck at Lingfield Park. Which can only have enhanced his optimism about that night, for the beast was called Last Three Minutes, after the period in which Manchester United thrillingly transformed the Champions League final of 1999.

For much of this year’s final, it seemed that events might take a similar course. United conceded an early goal to Barcelona, as they had to Bayern Munich, and again might have been further breached. With 20 minutes left, however, the script took a radical diversion as Lionel Messi seized the European title. Torn to shreds was all that talk about equalling the four wins of Ajax and Bayern and moving closer to Liverpool’s five European Cup victories.

Were you watching, Merseyside? You bet. So the question on the excited lips of United fans dancing for the cameras outside the Colosseum on match-day morning comes back to haunt them. And, for that matter, Ferguson, who arrived at Old Trafford in 1986 and gave himself the task of putting United in the place of Liverpool, then the most consistently successful institution in the history of the English game.

In pulling it off, he has set an exacting standard. Here he is, champion of England for the third consecutive season, and people are wondering if his power has waned because his team, through one admittedly dismal performance, have lost the European crown.

There may be worse to come. If Liverpool maintain this season’s improvement under Rafael Benítez, it is not beyond the bounds of possibility that they will regain the undisputed record of English championships. United drew level with them on 18 this season. The past two Premier League campaigns have been about Cristiano Ronaldo and Wayne Rooney. Should the next be about Fernando Torres and Steven Gerrard, Liverpool will be not only back on their “****ing perch”, but chirping unbearably.

In which case Ferguson and United will feel about as happy as those poleaxed Bayern players of Ottmar Hitzfeld’s after Teddy Sheringham and Ole Gunnar Solskjaer had done their damage at the Nou Camp a decade ago.

It is, of course, all mere speculation. But so, we now appreciate, were the notions that United would be too strong for Barcelona and Ferguson, at 67, too clever for the 38-year-old Pep Guardiola. United, having given an early goal away, became scared to play. When Edwin van der Sar had the ball, he saw nothing but backs. Even Rooney looked reluctant to demand it, as if concerned he would look less comfortable on it than Xavi Hernández and Andrés Iniesta.

Guardiola, who had burnt much midnight oil before leaving Catalonia, stifled Patrice Evra, believing Barcelona were safe when possession was with any other member of the United back four. He reacted to the threat of Ronaldo by sending Sergio Busquets deep. He got everything right and his players’ technique did the rest.

Nobody on the United side emerged with much credit. Certainly not Ferguson as his team were utterly outmanoeuvred. Tactically they were a mess. So how will he and his men react? We have 35 years of managerial experience to suggest that business will resume as usual next season, whether or not Ronaldo goes to Real Madrid. The squad is young and, given the development of Danny Welbeck, Darron Gibson and others, and the expected return from injury of Owen Hargreaves, Ferguson should be spoilt for choice.

But there are three clouds on the horizon. One is Liverpool. Another is the nature of the club’s ownership by the Glazer family, which means money that could otherwise be spent in the transfer market on the class Barcelona flourished this week must service the Americans’ debts. And the third is that even Ferguson cannot be regarded as an infinite resource.

The handover must be smooth and gradual if United are to avoid the problems of other clubs (and indeed themselves, after Sir Matt Busby) when outstanding long-term managers step down. The sooner he starts grooming his successor, the better. Then Ferguson can stay for many years as director of football. It is United’s best chance of keeping in touch with (a) their traditions and (b) the likes of Barcelona.