Spurs chairman Daniel Levy has slapped a €145 million price-tag on the Welshman, but LFP president Javier Tebas insists he has no problem with Real getting their chequebook out.
He said: "It is immoral to pay for something when you cannot afford it. I think it's more immoral for a club to spend one million euros which they do not have.
"100million euros 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 declared that he looks favourably upon the move for Bale, as the Welshman'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.''