A stunning transfer saga is unfolding at the Santiago Bernabéu, with Argentine midfielder Nico Paz facing an uncertain future despite Real Madrid’s decision to trigger his bargain €9 million buy-back clause from Como.
Sources confirm that talks between the 21-year-old playmaker and newly appointed manager José Mourinho have failed to convince Paz that his long-term future lies in the Spanish capital—a development that has prompted the club to explore a lucrative summer sale instead.
Madrid’s Strategic Play
Real Madrid officials met with Como’s sporting director Carlalberto Ludi on Thursday at Valdebebas, formally communicating their intention to activate the buy-back clause, which stands at €9 million for the 2026 summer window. The activation is expected to be formalized in the coming days.
However, the plan is not to reintegrate Paz into Mourinho’s squad. Instead, Madrid intends to immediately offer Como the opportunity to re-sign their former talisman for a staggering €60 million—a monumental profit on the €6 million fee Como paid for him in August 2024.
Should Como decline the steep valuation, Madrid will look to sell elsewhere, with Inter Milan and several Premier League clubs already circling. Crucially, any deal would include a new buy-back clause—reportedly set at €80 million—allowing Madrid to retain future control over the player’s trajectory.
Mourinho’s Dilemma: Experience Over Youth
The turning point has been Mourinho’s arrival and his preference for immediate experience over long-term development. The Portuguese manager has been instrumental in securing Bernardo Silva on a free transfer from Manchester City—and that signing has effectively closed the door on Paz’s first-team prospects.
Mourinho has been transparent with the Argentine, unable to guarantee him the starting role Paz demands. With Jude Bellingham, Brahim Diaz, and now Bernardo Silva ahead of him in the attacking midfield pecking order, Paz’s path to regular minutes at the Bernabéu has all but vanished.
According to ESPN, Mourinho’s message was received loud and clear: the manager values the veteran presence and tactical reliability that Silva brings over the raw talent of the 21-year-old.
Paz’s Preference: Stay at Como
For his part, Paz has made his feelings known. The Argentina international—who has earned 10 senior caps and secured a place in his country’s World Cup squad—is deeply settled at Como under the guidance of manager Cesc Fàbregas.
Paz enjoyed an extraordinary 2025-26 season, registering 13 goals and eight assists in 40 appearances across all competitions, guiding Como to a historic top-four finish and Champions League qualification. He has reportedly told Madrid that he wishes to remain at Como for another season, particularly with the allure of Champions League football on the horizon.
“Paz is very happy at Como and would love to stay another year in Italy, with the added bonus of playing in the Champions League,” ESPN reported.
Como’s Financial Crossroads
The Indonesian Djarum group, Como’s billionaire owners with a combined fortune exceeding $40 billion, now face a critical decision. While they are desperate to keep their star asset ahead of the club’s historic Champions League debut, the €60 million valuation is believed to be well beyond their financial reach.
Moreover, Madrid would only consider a deal with Como if it included the €80 million buy-back clause—a condition that may prove unpalatable for the Italian side.
Should Como fail to meet Madrid’s demands, a bidding war is expected to erupt. Inter Milan, the reigning Italian champions, have shown the strongest interest, with vice president Javier Zanetti maintaining a close personal relationship with Paz’s father, Pablo Paz. Arsenal and Chelsea are also monitoring the situation closely.
What Happens Next?
Formal activation of the €9 million buy-back clause is expected within days. From that moment, Paz will technically be a Real Madrid player once again—but not for long. The coming weeks will determine whether Como can muster the funds to bring him back, or whether Europe’s elite will engage in a high-stakes auction for one of the most exciting young midfielders in world football.
One thing is certain: Paz’s extraordinary rise in Serie A has made him too valuable to ignore—and too expensive for Como to keep without a fight.
