Although a figure has yet to be confirmed to the press, and without an official statement from either club, Villas-Boas commented on the summers biggest transfer story following his sides 1-0 defeat to Arsenal in today's North London derby.
He said: 'Gareth is going to join Real Madrid, so we wish him all the best.'
'He leaves us with great memories, which all Tottenham fans will cherish.'
Bale played 44 games for Spurs last season, scoring 26 times in all competitions, which justified his move from left back to forward.
When asked what the move meant for Tottenham, Villas-Boas added: 'he moves on and so must we.'
When the final figure is revealed, it will eclipse the world record transfer fee that Real set in 2009 when they purchased Cristiano Ronaldo from Manchester United for a fee of £80m.
image: © Jan S0L0