The truth about Real Madrid’s Nico Paz deal

Nico Paz is generating plenty of discussion. First, because of his outstanding performances for Como. For that reason, Real Madrid always kept their buyback option in mind throughout the season, as this newspaper has reported. The second point of attention came when the club learned that the player no longer wanted to return to the new Real Madrid being built under José Mourinho. Until then, he had always been eager to come back. AS reported this change of heart two weeks ago.

Contrary to recent reports, Real Madrid has not yet exercised its buyback option. The deal is currently awaiting Como’s response to the proposal Madrid has put forward.

Aware of both the sporting and financial value of the 50 percent of the player’s rights they still owned, Real Madrid’s executives changed course and proposed a different type of agreement, one that would allow the player to remain at Como while ensuring Madrid retained control over his future. Como has yet to respond.

From that point onward, Real Madrid began shaping a plan that would allow Nico Paz to stay at Como this season, as the player requested, even though the club initially wanted him back immediately. The proposal under consideration would give Madrid full control over bringing him back for the 2027-28 season.

Under the original agreement with Como, Real Madrid could simply wait and exercise its buyback option next year. However, doing so would leave the club exposed to any loss in the player’s market value caused by a serious injury, an accident or any other unforeseen circumstance.

To avoid that risk, Madrid asked Como to purchase the remaining 50 percent of the player’s rights. For that stake, Madrid is seeking around $70 million, implying an overall valuation of approximately $140 million.

Even so, Madrid would retain a unilateral buyback option for next summer at a price slightly above $70 million, well below the implied $140 million valuation and closer to $94 million.

The buyback clause would be unilateral and accepted by both the player and Como. If Real Madrid chose not to exercise it, for whatever reason, the club would still retain a right of first refusal, allowing it to match any offer that Como and the player accepted from another club. However, Real Madrid’s current intention is to bring Nico Paz back next summer.

For all these reasons, it is inaccurate to claim that Real Madrid is simply selling Nico Paz for $70 million, especially when similar players have been transferred for far more. If Madrid intended to give up all rights to the player, it would simply place him on the open market and sell him to the highest bidder. That is not the case here.

There is also FIFA regulation to consider. Clubs are prohibited from buying a player in one transfer window and immediately selling or loaning him to another club during that same window. These so-called bridge transfers are forbidden and can result in sanctions. As a result, there is no possibility of Real Madrid buying back Nico Paz this summer only to sell him immediately to Inter.

Real Madrid’s proposal is therefore designed to satisfy the player’s wishes while protecting the club’s long-term interests. If Como accepts the offer, the deal will go ahead. The plan for this season is to give Bernardo Silva a place in the squad, paving the way for Nico Paz to return next summer. If Como rejects the proposal, Real Madrid will simply exercise its buyback option, and Nico Paz will return this year to compete for a place in the team.

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