Carlo Ancelotti’s side are believed to be tabling a bid in the region of €100 million in order to tempt Tottenham into selling the Welsh forward, which would smash the current record of £80m (€92m), which Madrid paid Manchester United for Cristiano Ronaldo four years ago.
Talk of such a bid has attracted criticism in some circles in light of the economic crisis ravaging Spain, but LFP president Javier Tebas insists he has no problem with Madrid getting out their chequebook to bring the PFA Player of the year to La Liga.
He told reporters: “It is immoral to pay for something when you cannot afford it. I think it’s more immoral for a club to spend €1m which they do not have.
“€100m is a huge amount of money to spend on a player but if Madrid can afford that, then it’s not a question of morality, but of whether it’s a risky move or not.”
Tebas says Bale’s arrival would boost the profile of Spanish football.
“I don’t know much about him, but if Bale is a good player, than I’d rather he was over here (in La Liga) than in the Premier League,” he said.
“It’s not a question of how much he costs, you have to look at how much money he will generate, and if the LFP has all the stars, it will allow us to maintain high television revenue. All the money the arrival of this type of player generates translates into more revenue.”
Wales coach John Hartson is confident Bale would be able to cope with the burden of expectation if he joins Madrid.
“It wouldn’t be an issue for Gareth. He’s very level headed, his feet are firmly on the ground,” Hartson said.
“I get to see him close up, obviously, working with him with the Welsh national team.
“He comes along to the squad and he works like all the other players, he gets his head down.
“He’s got a great family. He doesn’t come with a big entourage. He’s got his agent, he’s got his advisers and he’s a really down-to-earth, level-headed lad and I think whatever Gareth does, I’m sure he would have thought long and hard about it.”
Earlier, Madrid captain Iker Casillas spoke of his admiration for Spurs’ talisman.
He said: “We are talking about one of the top three or four best players in Europe and it’s normal that his name is being discussed because he has all the qualities a footballer needs.
“Every transfer is controversial in its own way, for better or worse, but we are speaking about a very good, decisive player.
“I’m sure we’ll make another signing before the transfer window shuts.”
Casillas also gave his seal of approval to new Madrid boss Carlo Ancelotti, who took over from Jose Mourinho last month.
“I had the chance to meet Ancelotti during the summer holidays in Madrid and I’m excited about working with him,” said Casillas, who hopes the Italian can right the wrongs of last season’s trophyless campaign.
“I spoke to him for just five minutes and I came to the conclusion he is a winner. He makes that clear to you from the start.
“Whenever a new coach comes in, it’s a new challenge and I’m happy starting a new era. Madrid need to start winning games and trophies after last season and fight for all three competitions.”