Real Madrid sell Nico Paz with buyback option: all the details

It is one of the biggest deals of the summer, even though July has not yet begun. Worth around $70 million, it is now official: Nico Paz is fully owned by Como and will remain at the club, exactly as he wanted. He will continue living by the lake while preparing to play Champions League football under Cesc Fàbregas. Real Madrid asked for approximately $70 million and have received it after several hectic days of negotiations in northern Italy, balancing the finances and resolving the final details. The deal is now complete, although the door to the Santiago Bernabéu remains open, as Real Madrid have retained a buy-back clause worth roughly $94 million for the summer of 2027. The operation is over, and Nico Paz stays.

Fàbregas was instrumental in making that happen. He was arguably as influential as the player’s representatives because this represented a major financial commitment for Como. The debate was never about Nico’s quality but about how committing such a significant sum would affect the club’s ability to strengthen elsewhere. From the beginning, Fàbregas insisted that Paz should become the cornerstone of both this season’s project and the club’s future. He lobbied relentlessly, and ultimately convinced the board to approve the investment.

Como, who already owned 50 percent of the player’s rights, have now paid around $70 million to acquire the remaining half and take full ownership. However, the agreement contains important safeguards for Real Madrid. The Spanish club retain a buy-back clause worth approximately $94 million that can be activated in 2027, and if they decide against exercising it, they will still hold a right of first refusal on any future sale, allowing them to match any accepted bid. Madrid regarded those clauses as non-negotiable because they never wanted to lose complete control over one of their brightest young talents. In the end, every party walked away satisfied. Nico remains where he wanted to be after Mourinho warned him about the congestion at Valdebebas, Como keep the player around whom they are building their project, and Real Madrid secure a substantial transfer fee while maintaining significant control over his future.

This outcome is considerably cleaner than the alternative scenarios that were discussed. Had Como failed to complete the purchase, Real Madrid’s plan was to bring Paz back before listening to offers from elsewhere. Inter were frequently mentioned as a potential destination, even as part of a wider operation involving Alessandro Bastoni, but the regulations governing so-called bridge transfers are extremely strict and the risk of sanctions would have made such a deal unnecessarily complicated. Reaching an agreement with Como was always the simplest solution, and ultimately that is the route both clubs chose.

Paz has signed a five-year contract and will now prepare for what promises to be the most important season in Como’s modern history. He joined the club in 2024 for around $7 million, shortly after their promotion to Serie A, and has become one of the symbols of their remarkable rise. Under Fàbregas, Como have developed into a true Como Spagnolo, with Jacobo Ramón, Alberto Moreno, Jesús Rodríguez and Álvaro Morata all contributing to an extraordinary project. After finishing 10th last season, they climbed to fourth this year, finishing above Atalanta, Juventus and Milan to secure Champions League qualification alongside Roma, Napoli and Inter.

Paz has established himself as the undisputed star of the project. Across the last two seasons he has scored 19 goals and provided 17 assists while playing 5,986 minutes in 75 appearances. Those numbers mean he has been directly involved in a goal every 166 minutes, an outstanding return for a club that is still establishing itself among Italy’s elite. Fàbregas has built a tactical system that perfectly suits his qualities, allowing him to begin as a No. 10 while roaming freely across the pitch. He drops deep to receive possession, drifts into wide areas, attacks the penalty box and links play between midfield and attack, giving him the freedom to influence every phase of the game. The statistics reflect just how effective that role has become.

For months, a return to Real Madrid appeared inevitable, and as previously reported he had been told he was part of the plans for next season. Then the situation changed. Paz made the unusual decision to tell Madrid, in effect, “not yet.” At 21 years old, his priority is simple: he wants to play regularly. His ambition remains to succeed at Real Madrid one day, but he believes the current squad offers too few opportunities. That conclusion was reinforced during a phone conversation with Mourinho, who reportedly warned him about the lack of available space in the first-team squad, prompting the midfielder to rethink his future.

Interest quickly arrived from several of Europe’s biggest clubs, but Paz remained convinced that staying at Como represented the best step in his development. Real Madrid, however, wanted to receive a transfer fee this summer, whether from Como or another interested side, and they valued the remaining half of his rights at approximately $70 million. Paz made his preference perfectly clear, Fàbregas continued pushing internally, and Como eventually decided to meet Madrid’s demands. The player, who is currently with Argentina at the World Cup, now knows that the uncertainty surrounding his future has finally come to an end.

Although it remains unclear whether Como’s own stadium will host Champions League matches because UEFA has deemed it unsuitable under current competition regulations, with Sassuolo’s ground emerging as the most likely alternative venue, there is no doubt that the club will be competing in Europe’s premier competition next season. They will do so with Nico Paz at the centre of the project after Fàbregas persuaded the board to commit around $70 million for full ownership of one of the most promising young midfielders in Europe. Real Madrid retain the ability to bring him back in the summer of 2027 for approximately $94 million, preserving one final card to play should they decide the time is right. Until then, the long-running saga has reached its conclusion, and Nico Paz remains exactly where he wanted to be.

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