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Real Madrid are poised to activate the buyback clause in Nico Paz's contract, before sending the 21-year-old back to Como once more.
The Argentine international departed Real Madrid for Como in the summer of 2024 for approximately €6 million ($6.8 million), with a buyback clause included in the agreement. Paz has impressed in Italy, earning Serie A's best Under-23 player award in 2024–25 and the league's Best Midfielder honor last season.
Madrid's buyback clause allows them to re-sign him for as little as €9 million ($10 million) this summer. However, that option expires on June 30, making Madrid's decision increasingly urgent.
It had been assumed that Paz might stay at Como for another season, with the player himself reportedly telling Madrid of his wish to remain, as Como prepare to compete in Champions League football for the first time in their history. Furthermore, Real Madrid would still have the option to sign Paz the following summer for a slightly higher fixed fee of €10 million ($11.4 million), valid until 2027.
However, it was reported by several sources, including Fabrizio Romano, that Los Blancos will exercise the current buyback clause before it expires next week. More unexpectedly, Real Madrid will then sell the player back to Como under revised terms.
How Does Real Madrid and Como's New Deal Work?
With Jude Bellingham, Arda Güler, Brahim Díaz and even Franco Mastantuono among Madrid's current options in the No.10 role, it is difficult to envision a route to first-team football for Paz at the Bernabéu. Instead, Madrid are looking to maintain a long-term interest in the player while taking advantage of his current circumstances.
Initially it was suggested that Real Madrid would re-sign Paz for €9 million, before selling him on for €60 million ($68 million) either back to Como or to another interested party such as Inter Milan.
However, that is not the case. AS report that while Madrid had the option to sign Paz the following summer under the existing agreement, they would bear liability should anything happen to the player in the intervening year—specifically, serious injury or accident.
Como is now being asked to buy out Madrid's retained rights on Paz for €60 million—50% of the club's total valuation of the player. Additionally, it is reported that Madrid will hold onto a buyback clause of around €80 million ($91 million) which will come into effect in 2027. AS claim that Los Blancos remain "determined to bring the player back next summer".
Madrid's Transfer Plans Require Sales
The complex Paz situation highlights one of the key realities facing Madrid this summer. During his re-election campaign, Pérez may have pledged to uphold the tradition of bringing the world's finest players to the Bernabéu, but the club's finances are not without limits.
Madrid have already spent in excess of €55 million ($62.5 million) to bring Marc Cucurella from Chelsea and are expected to pay around €20 million for Denzel Dumfries. Meanwhile, any deal for a much-needed creative midfielder will likely cost considerably more—with frontrunner Enzo Fernández valued at £120 million ($160 million).
Mourinho is said to want an additional defender and potentially a "plan B" striker for his revamped squad, while Pérez has very publicly hinted at the prospect of another "Galáctico" signing. On top of all that, there is still the costly matter of Vinícius Júnior's contract renewal to resolve.
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Consequently, recent reports have indicated that Madrid will need to generate sales this summer to balance their expenditure, with high-profile squad members at risk alongside fringe players.
Aurelién Tchouaméni, who has drawn interest from Manchester United, is one player who could fetch a substantial transfer fee, but the sale of Paz's rights could provide the club with a financial boost in the near term, regardless of what the following summer may bring.