Nico Páz is at the center of a multi-stage negotiation that could see him change clubs twice in the span of a few days, without ever packing a bag. Real Madrid intends to trigger a buy-back clause on the Argentine midfielder by June 29, 2026, a move that would temporarily pull him back to the Spanish capital before the club turns around and offers him to Como on a permanent basis for around €60 million.
How the deal is structured
Real Madrid’s buy-back clause on Páz is set somewhere between €9 million and €10 million. That number is the entry fee, not the exit price.
Once Madrid activates that clause, the plan is to immediately table a permanent transfer offer to Como in the region of €60 million. That offer would likely include a new buy-back option for Real Madrid, allowing them to retain a future recall right on a player they clearly have not stopped believing in.
If Como says no to the €60 million proposal, they walk away with the €10 million buy-back fee and Páz returns to Real Madrid. From there, Madrid would be free to sell him on the open market, with no buy-back restrictions attached. Inter Milan and several Premier League clubs have been identified as interested parties in that scenario.
