Real Madrid are set to activate a €9 million buyback clause to bring Nico Páz back to the club from Como, according to reports from Fabrizio Romano. The move will see the 21-year-old Argentine midfielder return to the Bernabéu ahead of the 2026-27 season, exercising a pre-existing contractual option.
The transfer is a straightforward activation of the clause, requiring no negotiation with Como, as it was built into the original agreement when Páz was sold to the Italian club in 2024. While reports suggested Páz was open to extending his stay at Como, Madrid’s clause gives them unilateral control over his future, and they are now exercising that right.
The €9 million fee represents a strategically planned return for Madrid, who originally sold Páz to Como for around €6 million. The initial sale included a tiered buyback clause, with options at €8 million in summer 2025, €9 million in summer 2026, and €10 million in summer 2027. Madrid opted to wait, allowing Páz to gain further experience in Serie A before bringing him back at a slightly increased cost. Analysts estimate Páz’s current market value is significantly higher than the activation price.
Furthermore, Real Madrid retained 50% of any future transfer fee in the original agreement, meaning Como never had full economic control over Páz. Attempts by Como CEO Carlalberto Ludi to renegotiate these terms were unsuccessful. This move aligns with Madrid’s summer transfer strategy, focusing on pre-planned recruitment and avoiding protracted negotiations.
The activation of the clause is operationally simple for Madrid, avoiding the complexities of negotiating with multiple parties. However, questions remain regarding Páz’s immediate integration into the squad, with the possibility of a further loan to ease his transition under consideration. Como will receive a nominal profit on the transfer, having provided Páz with valuable Serie A experience for two seasons.
The Páz case highlights Madrid’s increasingly aggressive use of buyback and resale clauses when developing young players through loans. The comprehensive structure of the deal – a tiered buyback clause combined with a 50% resale rights clause – will likely serve as a benchmark for other clubs negotiating with Madrid in the future. The next step will be formal confirmation of the clause activation and completion of the paperwork, officially making Páz Madrid’s first addition for the 2026-27 season.
