Buying Cristiano Ronaldo from Manchester United for a figure of up to 100 million euros would be 'madness', Real Madrid presidential candidate Juan Onieva said on Friday.
The former vice-president, who has said he will stand in next month's election for the Real presidency, told a radio interviewer that he was aware of a pre-agreement with the Portugal winger that was set up by former president Ramon Calderon.
Although the agreement has never been confirmed or indeed given any credence by Manchester United, Calderon has referred to it for several months.
He said there was an obligation on both parties to come up with an indemnity payment if either changed their mind by June 30. So that means if Real Madrid pulled out of the proposed deal then United would receive a payment.
"I wouldn't go through with it. If I had to take a decision I would contest the deal. I think it's madness," Onieva told Onda Cero.
"I only know the terms in general; I haven't seen the document."
The interviewer mentioned a figure of 100 million euros, to which Onieva replied: "I think it is a little less than this, because the deal was made in pounds.
"In terms of the figures, as far as I am aware, it is not right to pay that amount of money especially in times like these. It's almost offensive. Also I don't think he is the solution for Real Madrid."
Real "categorically denied'' the reports they have a pre-contract agreement.
"In relation to the reports that have appeared in several media in the last few hours regarding the alleged signing of the Manchester United player Cristiano Ronaldo, the club want to categorically deny said information,'' the statement read.
"There exists no pre-agreement, neither with the player, nor with his agent, nor with Manchester United.
"As is well known, Real Madrid tried to sign the player last summer and Manchester United made it clear that the player was not transferable.''