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Tottenham can accept full Real Madrid Bale fee up front

Tottenham could receive Gareth Bale's €91 million fee from Real Madrid all up front.

The Daily Mail says according to sources close to the Spanish club Tottenham have already received the first payment from Real Madrid of 16m euros in cash. But the remaining 75m euros (£63m) can now either be paid in three instalments over three years or be received at once, at a slightly lower return.

Spurs have three promissory notes from Madrid - IOUs that specify date and sum of repayment. These can be cashed in September 2014, 2015 and 2016, each for 25m euros.

But Daniel Levy has the option of using a transaction known as forfaiting to get the money up-front. Tottenham's bank, Deutsche Bank, would effectively buy the debt - the promissory notes - from the club for a slightly reduced fee.

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