Nico Paz is the main reason to tune into Serie A this season. The Argentinian offensive midfielder stands out as one of Europe’s most promising talents, capable of altering the game’s dynamics at any moment, as demonstrated during Como’s season opener against Lazio, which ended in a 2-0 victory for Cesc Fabregas’s squad. At just 20 years old, he delivered a spectacular assist and netted a stunning free-kick, illustrating why Lionel Scaloni has repeatedly included him in Argentina’s national team roster.
Paz, who made the move to Como in the summer of 2024 for $6 million, is considered a generational talent, a fact well recognized by his previous club, Real Madrid. He debuted under Carlo Ancelotti in the 2023-24 season, making his mark by scoring his first goal in a Champions League group stage match against Napoli at the tender age of 18, proving he could be a pivotal player at the highest echelons of football, yet the Spanish club opted to allow him to develop elsewhere. Nevertheless, Real Madrid continues to monitor his progress.
Paz is currently thriving at Como as he embarks on his second year under Fabregas, and the club has no plans to part ways with him this summer. They have already turned down offers as high as $70 million from Tottenham, who sought to acquire him before the summer transfer window closed. Como held firm, rejecting proposals to secure their star player. So, how was Como able to keep him, and why could Real Madrid potentially reacquire him for just $10 million in the summer of 2026? Let’s explore the intriguing details of this transfer narrative.
How Real Madrid manages Paz
When Como finalized their arrangement with Real Madrid in the summer of 2024, both clubs established several critical clauses regarding Paz that significantly influence the club’s strategy this summer. To start, the Spanish side possesses a 50% sell-on clause for any future transfer of the player, meaning if Como were to accept a $70 million offer from Spurs, Real Madrid would receive half of that fee, making the deal less appealing for Como. They also agreed on an additional clause that allows Real Madrid to match any offer made by another club. If Como had agreed to a bid from the Premier League side, the team now led by Xabi Alonso could match the same offer, retaining the final say on the transaction. Essentially, Real Madrid has a means to maintain control over the player. By combining the matching option with the sell-on clause, alongside a series of buy-back clauses for set amounts over the next few summers—€8 million in 2025, €10 million in 2026, or €10 million in 2027—it’s clear that Real has significant influence over Paz’s future. This summer, the Blancos chose not to reinstate him, but given his value, it’s highly probable they will do so in 2026.
What lies ahead for Como, Paz, and Real Madrid?
Como finds themselves in a challenging position, as they recognize that the longer Paz remains with the club, the more his value is likely to appreciate. However, they are also aware that it is very likely that Real Madrid will end up signing him back for a lower fee in 2026, based on the agreement made with the Spanish club last summer. The Italian side, supported by substantial financial resources, ranks among Europe’s wealthiest clubs and is one of the few Italian teams capable of turning down such lucrative offers. They have the capability to plan for the long-term and might forge a partnership with Real Madrid that could lead to acquiring more players in the future, following the model set by the Paz deal. As they embark on a new phase under Cesc Fabregas, one of the most promising young managers, they understand that maintaining a relationship with Real Madrid can only enhance the team’s prospects in the long run, rather than simply settling for half of a transfer deal for Nico Paz. There are few worse outcomes for the Italian team than becoming a training ground for a series of bright young prospects from Real.
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This entire situation is facilitated by the fact that the player himself is content to remain at the club and declined the chance to join Tottenham this summer. He recognizes that at Como he can develop without the intense pressure of the Premier League and concentrate on a complete season under Fabregas as he heads towards the 2026 World Cup, where he is anticipated to be part of Argentina’s squad. Meanwhile, Real Madrid is learning from past missteps, such as when they failed to match PSG’s offer for Achraf Hakimi when he departed from Inter in the summer of 2021, amidst a similar scenario and relevant clause like the one presently in place for Paz. That decision proved to be detrimental, and despite having a squad already brimming with elite attacking midfielders and forwards, a talent like Paz continues to be a valuable asset worth acquiring.
