Real Madrid Reopen the Nico Paz Race by Cashing In on a Prodigy They No Longer Want
Madrid have activated their €9m buy-back clause for the Argentine playmaker only to put him back on the market at €60m, handing Arsenal and Chelsea a fresh opening.
Real Madrid have officially activated the €9m buy-back clause for Nico Paz, recalling the Argentine from Como, only to immediately put him back up for sale at around €60m. The decision turns what was a closed door for Arsenal and Chelsea into a live transfer race.
Confirmed by Fabrizio Romano on 25 June 2026, the move is not the homecoming many expected. Madrid are recalling Paz to sell him on, not to build around him.
Real Madrid activate Nico Paz buy-back but plan to sell again
Madrid have informed Como they are triggering the €9m buy-back clause inserted when Paz left the Bernabeu. On paper that returns one of Europe's brightest creative talents to the Spanish capital at a bargain price.
The twist is what comes next. Rather than integrating Paz into the squad, Madrid intend to list him at roughly €60m, a markup of more than €50m on the clause they have just paid.
The mechanics of the markup
Romano set out the timeline clearly in his report.
Real Madrid officially inform Como they activate €9m buy back clause for Nico Páz. Nico returns and the club gives Como the chance to buy him for €60m from now to Monday. Otherwise, next week Nico will be back to Real Madrid and on the market again for MORE.
Como have until Monday to buy Paz permanently at €60m. If they decline, he reverts fully to Madrid and goes back on the open market, where rival clubs may end up paying even more.
Why €9m becomes €60m
The numbers underline the financial logic at work:
- €9m: the fixed buy-back clause Madrid are paying to recall Paz.
- €60m: the price Como, or any other club, must now meet.
- Potentially more than €60m if Paz hits the open market next week.
This is Madrid converting a contractual safety net into a substantial profit on a player they helped develop. It is shrewd business, but it is built on a decision that Paz has no first-team future at the Bernabeu.
Why Mourinho's arrival changed everything for Paz
We reported a couple of months ago that Madrid's plan was to bring Paz back this summer as a key first-team player. That position has now been overtaken by events, and the reason is the dugout.
The surprise return of Jose Mourinho as manager has triggered a clear shift in recruitment philosophy. Madrid are now prioritising experience over youth, both in the appointment of Mourinho and in the profile of players being assembled around him.
An experience-first squad blueprint
The signings shaping Madrid's new direction tell the story. Mourinho is set to work with established, senior names rather than emerging talents:
That is a deliberate move towards proven, tournament-hardened footballers. In a squad built on experience, a 21-year-old still developing his game does not fit the immediate plan.
A prodigy priced out of his own dream move
The consequence is stark. Unless something dramatic shifts in the coming weeks, there will be no room for Paz under Mourinho, despite the buy-back being exercised in his name.
To be straight about it: our earlier exclusive said Paz was returning as a central first-team figure. The Mourinho appointment has changed that calculation, and Madrid are now cashing in on a talent they no longer have space for.
What it means for Arsenal and Chelsea's renewed pursuit
For Arsenal and Chelsea, this is a door reopening. Both clubs looked into Paz's situation earlier in the window and were told plainly that he would not be available.
That has now changed. With Madrid willing to sell at €60m, the two Premier League sides have a genuine route back to a target they had already identified.
Why Paz is so coveted
Paz earned this level of interest with a breakout season at Como, where his creativity marked him out as one of the continent's most promising playmakers. He is also a full Argentina international, adding senior pedigree to the raw talent.
At 21, he offers the long-term ceiling that recruitment departments prize. He will not come cheap, but a player of his standing will not be short of suitors prepared to commit serious money.
A market reshaped
The reopening of the Paz race recalibrates the entire playmaker market this summer. A name previously crossed off shortlists is suddenly back in play at a defined price.
For Arsenal and Chelsea, the calculation is whether €60m or more is justified for a 21-year-old with one standout senior season. Given his profile and the competition likely to form, hesitation could be costly.
What happens next
The immediate deadline belongs to Como. They have until Monday to make Paz's stay permanent at €60m, and their decision will dictate whether the player even reaches the open market.
If Como pass, Paz reverts to Madrid and is formally available to all comers, potentially at a higher fee. That is the moment Arsenal and Chelsea will be watching for, and the point at which a renewed bidding contest could begin in earnest.
Madrid, meanwhile, stand to profit handsomely from a strategic pivot under Mourinho. They will recall a prodigy for €9m, sell him for many times that, and reinforce their experience-first vision in the same stroke.
SportSignals is an independent publication. Views expressed are our own.
Sources
This article is based on reporting from the publications above. Specific facts and quotes are credited inline where used.
Frequently Asked Questions
Why are Real Madrid selling Nico Paz after activating his buy-back clause?
Jose Mourinho's appointment as Real Madrid manager has shifted the club's recruitment philosophy towards experienced senior players, leaving Nico Paz without a first-team future at the Bernabeu. Madrid are using the €9m buy-back clause as a financial mechanism to resell Paz at around €60m, generating a profit of more than €50m on a player they originally developed.
How much will Nico Paz cost Arsenal or Chelsea to sign?
Como have first option to buy Nico Paz permanently from Real Madrid for €60m until Monday. If Como decline, Paz returns to the open market and Madrid are expected to seek even more than €60m from rival clubs including Arsenal and Chelsea.
What is the deadline for Como to sign Nico Paz from Real Madrid?
According to Fabrizio Romano, Como have until Monday to match Real Madrid's asking price of €60m for Nico Paz. If they do not meet that deadline, Paz will formally return to Real Madrid and be made available to all interested clubs at a higher price.
Who confirmed Real Madrid's Nico Paz buy-back clause activation?
Transfer journalist Fabrizio Romano confirmed on 25 June 2026 that Real Madrid had officially informed Como of their decision to activate the €9m buy-back clause for Nico Paz.
