Florentino Perez has revealed Real Madrid did not want to sell Cristiano Ronaldo but had to "open the door" for his departure after the player asked to leave.
Ronaldo stunned the footballing world in July when he completed a €100million transfer from the reigning European champions to Juventus, ending a trophy-laden spell in the Spanish capital.
The Portuguese forward won the Champions League four times and LaLiga twice, while he is also Los Blancos' all-time leading goal-scorer.
However, speaking ahead of the club's ordinary and extraordinary general meetings on Sunday, president Perez explained the reasons behind the transfer – and insisted Madrid got the best possible deal for the 33-year-old.
"The release clauses are not there to be paid. If there has to be sale, it is negotiated," he said.
"We did not want to sell him, but he wanted to go for personal reasons and we understood that, for all the good things he had done, we had to open the door for him.
"We got the highest value we could."
Perez is hoping to seal approval at the meetings to push forward with plans to loan money for the renovation of the Santiago Bernabeu, though the proposed changes will not see a major increase in the stadium's overall capacity.
"We have to make a decision on the work, by the end of the year, and on the financing issue," he added.
"The estimated time of the development is three and a half years, which will be compatible with the sporting calendar.
"The capacity will not increase, although there will be 800 new spaces for people with disabilities."