The Spurs supremo explained that he had no intention of cashing in on the 24-year-old attacker but that the player was no long committed to the cause
The Wales international finally secured his world-record move to the Santiago Bernabeu on Sunday evening, bringing an end to a transfer saga that has rumbled on all summer long.
Levy explained that Spurs had not wanted to cash in on the 24-year-old winger but ultimately felt that there was little else they could do given Bale, who even skipped training last week, was so determined to depart.
"Gareth was a player we had absolutely no intention of selling as we look to build for the future," he said on the club's official Twitter account.
"He is a player whose career we have fostered and developed and he was only a year into his new four-year contract.
"Such has been the attention from Real Madrid and so great is Gareth's desire to join them, that we have taken the view that the player will not be sufficiently committed to our campaign in the current season.
"We have, therefore, with great reluctance, agreed to this sale and do so in the knowledge that we have an exceptionally strong squad.
"We wish Gareth all the best in the future and he shall always be welcome at the Lane.”
Bale has penned a six-year contract with Madrid as part of his record-breaking €100 million switch to the Spanish capital.