Nico Páz is at the center of a multi-stage negotiation that could see him change clubs twice in the span of a few days, without ever packing a bag. Real Madrid intends to trigger a buy-back clause on the Argentine midfielder by June 29, 2026, a move that would temporarily pull him back to the Spanish capital before the club turns around and offers him to Como on a permanent basis for around €60 million.

How the deal is structured

Real Madrid’s buy-back clause on Páz is set somewhere between €9 million and €10 million. That number is the entry fee, not the exit price.

Once Madrid activates that clause, the plan is to immediately table a permanent transfer offer to Como in the region of €60 million. That offer would likely include a new buy-back option for Real Madrid, allowing them to retain a future recall right on a player they clearly have not stopped believing in.

If Como says no to the €60 million proposal, they walk away with the €10 million buy-back fee and Páz returns to Real Madrid. From there, Madrid would be free to sell him on the open market, with no buy-back restrictions attached. Inter Milan and several Premier League clubs have been identified as interested parties in that scenario.

The player wants to stay put

Páz has expressed a preference to remain at Como, which puts some pressure on the negotiating table.

Meetings between the two clubs were taking place around June 25, 2026, and the deadline to reach an agreement is June 29. That is a tight window for a negotiation involving this much money and this many moving parts.

Why this matters beyond one transfer

The clause now sitting at €9-10 million is a fraction of the €60 million permanent fee being discussed, which tells you everything about how much value Páz added during his time at Como.

If the deal collapses and Páz ends up back in Madrid before moving to Inter or a Premier League side, Como would receive only the €10 million activation fee for a player they helped develop into a €60 million asset.

What to watch over the next 48 hours is whether Como accepts the €60 million price, which includes Real Madrid retaining a future buy-back option, or whether they let Páz return to Spain. Páz’s preference for Como adds pressure on a club that would like to keep him but may not have the leverage to do so entirely on their own terms.