"He has left us with great memories from last season which I think every Tottenham fan cherishes but he has moved on and we move on as well."
There are conflicting reports on just how much Bale will cost – with some reports saying it will be around £86m which would be a world record while others suggest it will fall just short of the £80m the Liga giants paid Manchester United for Cristiano Ronaldo in 2009.
The football world is now just waiting for the two clubs to confirm the deal is done.
Real are hoping the 24-year-old Welshman will be presented to their fans on Monday, transfer deadline day.
It is believed that neither Spurs chairman Daniel Levy nor Madrid general manager Franco Baldini was in the Spanish capital for the final negotiations, with club lawyers concluding the agreement by fax.
Throughout the lengthy transfer negotiations between the two clubs, it had been reported that Tottenham were looking for a transfer fee of around £100m.
Spurs have already been busy spending the windfall from Bale's transfer and on Friday broke their transfer record for the third time this summer with the signing of Roma's Erik Lamela, as well as signing Christian Eriksen from Ajax and Vlad Chiriches from Steaua Bucharest.
The Argentina international has joined the club for a reported fee of £30 million – surpassing the £26m paid for Valencia striker Roberto Soldado and, before that, the £17m spent on Brazil midfielder Paulinho.
Eriksen signed for a reported fee of £11.5m and Chiriches for £8.5m.