According to Sport Bild (as captured by Twitter account @iMiaSanMia), the Bavarians discussed the matter in depth and explored every possible angle for how it all might work:
Ronaldo’s name was discussed intensively within the board. Among topics mentioned: Refinancing, marketing, what would the transfer add to the club in terms of social media exposure, how many shirts would be sold worldwide.
In the end, Bayern Munich CEO Oliver Kahn has total respect for Ronaldo, but said his club needed to go in a different direction.
“We discussed the topic internally, otherwise we wouldn’t be doing our job properly. Personally, I think Cristiano Ronaldo is one of the greatest footballers to ever live on the planet,” Kahn told Sport Bild (as captured by @iMiaSanMia). “But we came to the conclusion that, despite our appreciation for him, he wouldn’t fit into our philosophy in the current situation.”