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Osasuna sporting director Braulio Vázquez has addressed the future of Víctor Muñoz amid growing speculation surrounding the promising winger.
The 22-year-old Muñoz arrived at Osasuna from Real Madrid for €5 million ($6 million) last summer, having broken into Los Blancos' first team during the 2024–25 campaign.
Regarded as the quickest player in Madrid's ranks before his exit, Muñoz has flourished in Pamplona and established himself as one of La Liga's most exciting emerging talents this season.
Predominantly deployed on the left flank, Muñoz has contributed five goals and two assists across 32 outings and earned his first senior Spain call-up in March—netting on debut in a 3–0 friendly win against Serbia.
Madrid in Driving Seat for Transfer Race
Muñoz attracted Premier League interest in January, while reports have suggested Barcelona could pursue the winger in the summer as a potential replacement for Marcus Rashford. Muñoz hails from Catalonia and spent three years in Barça's youth setup before eventually joining Madrid.
Responding to the buzz surrounding one of Spanish football's most coveted players, Osasuna director Vázquez made clear that any interested club would need to meet the full €40 million ($47 million) release clause.
"We won't even listen; we're sticking to the clause," Vázquez is quoted as saying, via MARCA.
Madrid Buyback and Sell-On Clauses for Muñoz Explained
The one exception to that stance, however, is Real Madrid. According to widespread reports, Los Blancos hold a buyback option valued at just €8 million ($9.5 million), which becomes active this summer.
Should Muñoz move to another club, Madrid would still benefit financially through a 50% sell-on clause also included in his transfer agreement.
Reports indicate that Sunderland submitted a verbal proposal of approximately €25 million ($30 million) for Muñoz in January, which was promptly turned down.
While he stopped short of confirming the specific figures of Madrid's favorable arrangement, Vázquez did acknowledge the clause and the possibility of Muñoz departing in the summer.
He added: "Real Madrid has a three-year buy-back clause that has already been agreed upon. What we're doing is enjoying Víctor until the end of the season. Football is very unpredictable.
"Many people criticized us for signing such a young player with so few minutes in La Liga. Now they're asking us why we didn't buy him outright. It's complicated. We happily accepted the terms Real Madrid set. Víctor Muñoz made the right call, and so did we."
Madrid's arrangement with Muñoz mirrors the situation involving Nico Paz at Como. The 21-year-old Argentine international was sold for €6 million ($7 million) in 2024, with Los Blancos retaining the right to re-sign him this summer for approximately €9m ($10.5 million).
Andy Headspeath is a Real Madrid correspondent for Sports Illustrated FC. Originally from the UK, the weather, culture and soccer lured him to Spain over a decade ago where he lives with his wife, son and two untrainable dogs. A player of unspeakably limited talents and only one fully functional knee, he has more than a decade's experience in a wide variety of editorial roles within sports media, from match reporting to in-depth feature writing and interviews. He specializes in soccer history and culture, as well as—of course—La Liga.