Spurs ‘agree to sell Gareth Bale for £86m’

Posted by - August 26, 2013 - Spain, Tottenham, Transfer News and Gossip

Spurs have agreed to let Gareth Bale join Real Madrid for a world record £86m fee, reports the Daily Mail.

The reports claim that Tottenham chairman Daniel Levy signed off on the deal last night after discussions with the club’s board. He had earlier been in Madrid for talks with Real president Florentino Perez, Spurs director of football Franco Baldini and Bale’s agent Jonathan Barnett.

Barnett, Perez and Levy agreed the bulk of the deal last week. All that remains now is for the two clubs to sign a formal document setting out the terms.

Bale is expected to be unveiled at the Bernabeu on Tuesday and is said to be in line for a huge £300,000-a-week pay packet.

The deal has been delayed by bank guarantees demanded by Levy, who was not convinced Real had the necessary funds available. Now a payment plan is in place that will see the Spanish giants pay the massive fee in three installments over the next six years.

They can save up to 10 per cent of the transfer fee by paying the balance earlier than planned.

The transfer is cash-only. Left-back Fabio Coentrao will not be included in the deal as he doesn’t want to leave Spain.