Real Madrid president Ramon Calderon has rejected claims from Manchester United boss Alex Ferguson that the Spanish champions were using underhand tactics to lure Cristiano Ronaldo to the Bernabeu.

Ferguson has claimed Madrid were a club with "no moral issues at all" as speculation, mostly generated in Spain, suggested the capital club were lining up a move for the 23-year-old Portugal winger.

Calderon, however, insists his club have "conducted themselves exquisitely" in the whole affair.

"I am really surprised to hear what he said about us. I don't understand Ferguson," he told sports daily Marca on Sunday. "Real Madrid have conducted themselves exquisitely in this whole affair with Cristiano Ronaldo.

"We have always said that he is a player who has a contract and that Manchester United is a club that does not sell. That's everything."

Ronaldo has said he will make up his own mind in due course.

"What the press speculate about goes over my head," Ronaldo said. "I have already been used to it for the past two years. I am calm. Everything's clear and I will repeat it once again so that the whole world understands: there will be news in two or three weeks."