True.
But it can also work both ways; we could say to Modric that we'll only ever accept whichever deal is in the best interests of Tottenham Hotspur, and if that doesn't suit him, then he doesn't go anywhere. He can't complain about restraint of trade, as we've invited offers to come in for him; but we're not obliged to accept those which are not in our interests.
Bit of a poker game going on I reckon. But I'd say Modric is the one who is most at risk here; he's the pawn in a game of Russian roulette between Real Madrid and ourselves. But if both sides stick to their guns, then Modric ends up staying where he is - which, for him, would be quite an untenable position.
Our strength comes in the fact that, financially, we don't need to sell. We demonstrated this last summer by rejecting £40m from Chelsea. Real Madrid are used to the scenario whereby their money is too hard to refuse, but - in this situation - we can quite happily say no to them. So it's upto them to raise their offer to one which meets our expectations, or - at least - those which are speculated to be in the offing from either PSG or Man Utd.
I think PSG and Man Utd definitely have interest, but their lack of an official approach is probably due to the fact that Modric's advisors will have told them that they'd rather see whether they can move the player to Real Madrid first, as it's his preferred destination; no point soliciting Modric with offers from other clubs, if his mind is set on Real Madrid.
However, if things break down with Real Madrid, then Modric is forced into considering these other clubs. We're still in a strong position though, as those other clubs will know that we reason a deal wasn't done with Real Madrid was because they didn't meet our valuation. All bets are off then, because it becomes a true auction, other than this exclusive nonsense which Modric is seeking to achieve.
Levy is a smart cookie though, and he'll recall how - 12mths ago - this exclusivity was afforded to Chelsea. Therein, Modric seems to change his affinity like the wind, so what's to suggest that he couldn't suddenly develop a great passion for Manchester or Paris?