"I don't think the Galactico project has been a failure. I think this is the best group of players you could have, and I believe we will show we are still a good side," Gravesen told reporters.
"When I was at Everton it took three to four years to build a side that could qualify for the Champions League. It is something that happens gradually. It doesn't happen in a day."
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With Real now facing the prospect of a second successive season without silverware, out of the Champions League and King's Cup and 11 points behind Barcelona in the Primera Liga, this policy has been called into question.
The 29-year-old Danish international, signed from Everton in January, has urged against knee-jerk reactions.
"At the moment we know we are not playing the best football we can, so we need to stick together and stop looking to point fingers at people," he said.
"I don't know what kind of players will be brought into the club in the future. Maybe the most important thing would be to give the players already here that extra edge and encourage them to come together as more of a group."
Although Real are second in La Liga with 10 games to play, last year's end-of-season collapse under coach Carlos Queiroz is still fresh in the memory.
Real lost six of their last seven games to finish fourth behind champions Valencia.
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