£110m bid for Ronaldo? I don't think that would be a good idea.
For a start, there are the regulations we have to comply to, this would possibly make it quite a bit harder to meet them. As there isn't only the fee, but his massive wages as well. Once we'd got rid of all the 'deadwood', our wage situation probably wouldn't be any better off than before, if worse.
Also, why risk a backlash from the fans? I get the feeling quite a lot of people wouldn't want Ronaldo here, including myself, if things didn't quite go to plan after we signed him, the management could be putting themselves at risk of losing the respect of fans, which could create a negative mood around the club and effect performances. Why would you go for him when there are other, cheaper options available who could still do a great job. For example, Sanchez (maybe).
And, we'd be helping a Champions League rival with even more funds to strengthen their squad and win the Champions League. Although, I suppose, on the other hand, they've spent big money already in the last couple of seasons that hasn't won them the Champions League, or even La Liga.