Daniel Levy and Florentino Perez talked in the United States on Tuesday, but progress made was minimal.
Perez upped his offer to £86million (€100million), but Levy did not budge on his desire for £104million.
Either price would break the world record transfer fee of £80million, paid to Manchester United by Madrid for Cristiano Ronaldo in 2009.
Including Madrid players in a deal was discussed, though Perez is reluctant to let Spanish U21 star Alavaro Morata leave, who Levy is believed to be keen on signing for Spurs.
There are differences in their valuations of Madrid’s players anyway, and Levy will only accept a deal that he believes will be beneficial for Tottenham’s on-the-field operations.
Where talks go from there current stage is unclear, though Levy is thought to be open to further deliberations, suggesting he would allow Bale to leave.
If Real did pay £104million, the total value of the deal, including wages and agent deals, would end up exceeding £200million.
Bale’s potential wages could see him earn £150,000-a-week after tax. That would see him rake in £7.8million a season, and his proposed contract would last six years.
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