Gareth Bale is free to join Real Madrid after Tottenham agreed a world record £86million deal with the Spanish giants on Sunday night.
Tottenham chairman Daniel Levy signed off the staggering move for the PFA Player of the Year following talks with directors in the boardroom at White Hart Lane. Bale’s transfer to Real beats the previous world record of £80m which Real paid to Manchester United for Cristiano Ronaldo in 2009.
Levy returned from talks in Madrid with Bale’s agent Jonathan Barnett and Tottenham director of football Franco Baldini to watch his club’s 1-0 victory over Swansea City after agreeing the deal. It is understood that the decision to travel to Madrid to meet Perez — who is known to revel in these situations — was part of a tactic designed to get the highest possible price.
Back to business: Having spent some time off in Spain at his agent's house, Bale will now move on to Madrid
The fee represents an extraordinary return on the £7m Spurs paid Southampton six years ago and will only add to Levy’s reputation as the toughest negotiator in the game.
It also brings to an end one of the most protracted transfer sagas in the history of the game following a summer of talks.
Sportsmail can reveal that Levy has agreed a series of discounts if Real can accelerate the three stage payments discussed during the meeting. They are staggered over the course of Bale’s incredible £300,000-a-week contract for the next six years.
Life in Spain: Bale has only played one pre-season game for Spurs and will need time to build match fitness
Most expensive ever: Daniel Levy has finally agreed a deal with Real Madrid
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It means Real could splash out around 10 per cent less than the agreed £86m — but only if they are ahead of schedule with payments.
Levy, along with Barnett and Baldini, thrashed out terms with Perez last week. The last act will be played out when Levy and Perez sign a final formal document, but that is seen as a formality.
Real, who play Granada in La Liga this evening, plan to officially unveil Bale in a grand ceremony at the Bernabeu on Tuesday.
The deal has also been complicated by a series of bank guarantees demanded by Levy during the lengthy negotiations.
Bale originally told the Spurs chairman he wanted to leave during a tense meeting at the Barclays Asia Trophy at the end of last month.
By then the Spurs winger was aware Real were determined to buy him this summer after losing out to Barcelona for Brazilian wonderkid Neymar.
That prompted weeks of negotiations which have finally been concluded.
Spurs had hoped to bring in left back Fabio Coentrao as part of the package, but the Real defender doesn’t want to leave Spain.
Galacticos: He will join up with his Madrid team-mates on Tuesday when he is unveiled
Bale, 24, spent two days at his agent’s apartment in Marbella over the weekend and had planned to fly back to the UK last night.
He regularly heads to the south of Spain to stay at the exclusive development during time off which was approved by the club.
Tottenham’s players have been given Monday off following their narrow win against Swansea on Sunday.
Spurs manager Andre Villas-Boas claimed Bale is expected at the training ground on Tuesday to resume a fitness programme, but his career in north London has come to a close.
Villas-Boas added: ‘There is interest from Real and I hope to have more news for you in the next couple of days. We gave him two days off. We never force non-selected players to be present, they are not obliged to be there and regardless he is not training with the team.’
Come a long way: It's seven years since he first made his debut for Southampton in the Championship
Levy is also hoping to conclude talks with Roma for the transfer of Erik Lamela, but they are proceeding with caution following the botched attempt to sign Willian.
Spurs are still angry that Chelsea hijacked their £30m move for Willian on Friday. Villas-Boas said: ‘I have nothing to say about this other than good luck to him.’
Lamela was in the Roma team which played Livorno last night, but Spurs are still hoping to capture the Argentina forward.
Spurs are also close to completing a deal for Steaua Bucharest defender Vlad Chiriches, but the deal faces complications over a work permit.
The Romania international, 23, has agreed to join Spurs, but it is understood his work permit application could be difficult.
Roma winger: Erik Lamela should be Bale's replacement at White Hart Lane
Spurs have agreed a fee of around £8.5m and Villas-Boas expects him to join this week.
Villas-Boas said: ‘There is an interest in the player — but maybe someone will steal him as well. We looked to strengthen because of the departure of Steven Caulker (to Cardiff).’
Villas-Boas also has decisions to make on two other players this week as he prepares for the transfer deadline on September 2.
Emmanuel Adebayor was offered to Real as part of the Bale deal, and Spurs are also willing to trade left back Benoit Assou-Ekotto after his mysterious disappearance from first-team training. He is out of the picture under Villas-Boas, losing his place to 23-year-old defender Danny Rose in the opening weeks of the season.
Moving on? Emmanuel Adebayor and Benoit Assou-Ekotto could be on their way out of Tottenham