Ronaldo has emerged as the Spanish champions' top target this summer but reports have suggested Madrid would have to part with around £100million to sign the Portugal star. On Tuesday, Madrid president Ramon Calderon described the capture of Ronaldo as "almost impossible", but on Wednesday Arroyo told Spanish newspaper Marca that if their bid fails it will not be because of a lack finances.
"Real Madrid have the solvency and the financial liquidity to be able to take on a signing of the magnitude of Cristiano Ronaldo," Arroyo said.
"It would be economically beneficial due to the merchandising that would arise from it.
"If it is not possible for the club to sign, it would not be because of money but for other reasons."
Ronaldo has been in stunning form this season, scoring 41 goals en route to firing Manchester United to the Premier League title and the Champions League final.