Real Madrid are strategically selling players they don’t directly own, but retain significant control over, in an effort to raise funds for a move for Chelsea midfielder Enzo Fernandez. The move comes following the appointment of Jose Mourinho and a need to rebuild the squad after a disappointing 2025/26 season.
Madrid have already secured deals for Ibrahima Konate, Antonio Rudiger, Marc Cucurella, and Bernardo Silva, signalling a shift towards experienced players under Mourinho. However, Fernandez remains a key target, with the Argentine reportedly making it clear that a move to the Bernabeu is his preference. Chelsea are currently demanding a transfer fee of €140 million (£120m) for the player.
The club is leveraging existing clauses in previous transfer agreements to generate revenue. One such deal involves Victor Munoz, who is set to join Liverpool from Osasuna for €40 million. Real Madrid had a buy-back option for the Spain winger for just €8 million, but chose to forgo it, instead benefiting from a sell-on clause worth €20 million. The club’s board reportedly view this as a successful outcome.
Another player set to be sold is Nico Paz, currently at Como. While not officially a Real Madrid player, the club maintains control over his future through a complex agreement. They are now pushing Como to sell Paz for €60 million, or risk having him bought back for €10 million and then sold on by Madrid themselves. Inter Milan are reportedly prepared to meet the €60 million asking price for the 21-year-old.
This strategy allows Real Madrid to profit from players they previously developed without incurring significant financial risk. By farming out young talent, they’ve retained a stake in their potential success, and are now reaping the rewards. The combined income from the Munoz and Paz deals could cover more than half of Fernandez’s transfer fee. This approach is being framed by the club as shrewd squad management, maximizing returns on previous investments.
The successful completion of these sales will significantly increase Real Madrid’s chances of securing Fernandez, bolstering their midfield options and providing Mourinho with a key component of his rebuilding project. The club’s willingness to creatively navigate the transfer market demonstrates a proactive approach to strengthening the squad.
