Real Madrid are expecting to receive €60million from Italian club Como following renegotiations over Nico Paz.That might sound quite straightforward, but what’s unusual here is the 21-year-old Argentina international midfielder is already a Como player. He joined them from Madrid for €6million (£5.2m; $6.7m at the current rates) in August 2024.So why would the Italians be paying Madrid more money for someone who’s already been starring in Serie A as part of their squad?It’s all about buy-back options, sell-on clauses, and new head coach Jose Mourinho’s plans for a summer rebuild at the Bernabeu.Allow The Athletic to explain.What kind of deal is this?Essentially, this is a new agreement proposed by Madrid that replaces the terms of the deal they reached with Como when Paz joined them for €6million just under two years ago. That sale included a 50 per cent sell-on clause for Madrid, as well as giving them several buy-back options.The most important of these options to bear in mind is one that would let them buy Paz back for €9million this summer.Madrid sources — speaking anonymously, like all those cited here, as they did not have permission to comment — say that clause was not activated and that a new deal with Como has been reached separately.Under its new terms, the Italian club will pay Madrid €60million, and that €9m buyback option will be removed — as well as the 50 per cent sell-on clause. Sources involved in the deal said agreement has been reached but the paperwork is not yet signed, though that would soon be completed.Madrid will, however, get a new buy-back option — for the rather steeper €80million, which only themselves and no other club can trigger, and which will only be active in summer 2027.How do Madrid describe it?Multiple club sources at the Spanish giants described the new deal as a restructuring. They believe it benefits all parties, including the player.Sources said Paz had been open to returning to Madrid, where he spent eight years, mostly at academy level, but in recent weeks had begun to question whether he would receive enough playing time in a squad that already featured attacking midfielders such as Jude Bellingham and Arda Guler before the recent free-transfer arrival of Bernardo Silva, who left Manchester City this summer.For this reason, he was receptive to the idea of another season at Como. But Madrid still wanted to maintain an option to bring him back to the Bernabeu at a future date, keeping an advantage over any potential rivals for his services.Paz has played 10 minutes from the bench for Argentina so far at this World Cup (Juan Mabromata /AFP via Getty Images)Madrid sources said the club believes strongly in Paz’s potential but also understands his desire to continue developing in an environment where he is guaranteed regular football, particularly with Como set to compete in the Champions League next season for the first time in their history.According to sources close to the negotiations, triggering their €9million option for Paz before selling him to a third club was never considered, nor was it a viable option. Sources said FIFA regulations would have prevented such a move, while adding Madrid would not have wanted to undermine their good relationship with Como by doing that, even if it had been possible.How do Como view the deal?Como have always been clear that their priority was to keep Paz for as long as possible.Even at the start of his first season in Italy two years ago, club sources privately expressed frustration over the leverage Madrid still held following his arrival. Then last summer, Como attempted to renegotiate the terms of that initial deal, but Madrid seemed firmly committed at the time to bringing the player back in 2026.Under the terms of this new agreement, however, Como will have Paz for at least one more season — a key objective for both head coach Cesc Fabregas and the club’s hierarchy.Paz had already made it clear to Como that he wanted to stay for another year and embrace what he sees as an exciting project, having established himself as their marquee player.Como will also see their investment rewarded.If Madrid do trigger their new €80million buy-back clause next summer, they would still make a profit of €14m, having paid out a total of €66m for Paz over the course of these two deals.Is this sort of agreement unusual?It is almost a policy for Madrid to include buy-back clauses and sell-on percentages in deals for outgoing academy graduates, like Paz.Earlier in this window, for example, 22-year-old Spain international winger Victor Munoz completed a move from Osasuna to Liverpool, with Madrid receiving €20million because they still owned 50 per cent of his transfer rights, having sold him to Osasuna last July.Renegotiations of those deals are less common, but according to Madrid sources, it comes down to the player’s dramatic rise in stature in this case.Paz is now regarded as operating in a totally different bracket to when he left, which is why this has become a deal of a completely different scale — and Madrid sources believe even their new €80million buy-back option is below his market value.Why did Madrid decide against re-signing him for 2026-27?The player’s stance was the key factor.Senior club sources acknowledge that competition for the attacking midfield positions at Madrid is intense and understand why Paz wants to continue his development at Como. Sources close to the player also said that he saw limited opportunities for regular playing time if he returned to the Bernabeu.Those same Madrid sources say it was only after Paz expressed doubts about going back that the club began exploring a move for Bernardo as an alternative.So will Paz rejoin Madrid next year?The long-term picture remains unclear.Paz (third right) in Argentina training this week (Juan Mabromata/ AFP via Getty Images)Madrid’s preference is still for Paz to return, and they believe he has the potential to spend the rest of his career at the club. At the same time, they also recognise that circumstances can change. Club sources believe his market value could rise further, making him an even more valuable asset.What does it mean for Madrid’s other transfer targets?This move might be interpreted as an indication that Madrid are looking to gather funds for further investment this summer.Including signing-on fees, their spending so far in landing new coach Mourinho, Denzel Dumfries (a move not announced officially yet), Ibrahima Konate, Marc Cucurella and Bernardo barely exceeds €100million.This does not seem a particularly large sum for a club of Madrid’s stature, especially given they have gone two seasons in a row without winning any major trophies, so are in need of a boost.By signing Paz, Madrid would have strengthened the squad with a player who came through their youth academy – something fans always appreciate – and who is both young and now proven in elite-level football. Why pass up the chance to sign — for just €9million — a rising star at the ongoing World Cup who scored 13 goals and provided eight assists for Como as he was voted Serie A’s best midfielder last season?Marc Cucurella's move to Real Madrid from ChelseaDavid Ornstein and moreInstead, Madrid have decided to bring in €60million in new funds — which could suggest they have an alternative recruit in mind.As The Athletic has reported, reinforcing in midfield is a priority even after adding Bernardo, while there is also a focus on another centre-back, and adding a striker has not been ruled out.Club sources also indicated that sales and other departures would be required.Additional reporting: Mario Cortegana