Liverpool just pulled off one of the more interesting heists of the summer transfer window, activating Víctor Muñoz’s €40 million release clause at CA Osasuna and swiping a deal that most of the football world assumed was heading to Newcastle United.

The 22-year-old Spanish winger will sign a six-year contract at Anfield, keeping him on Merseyside until June 2032. Real Madrid, which sold Muñoz to Osasuna in 2025, retained first refusal rights on the player but chose not to exercise them. No buyback clause was triggered.

How Liverpool outmaneuvered everyone

The transfer, confirmed on June 17, is the kind of deal that makes sporting directors look like geniuses or fools depending on which side of the table you’re sitting on. Liverpool’s sporting director Richard Hughes and Fenway Sports Group’s Michael Edwards orchestrated the move, activating the release clause that was sitting in Muñoz’s Osasuna contract.

The €40 million fee, roughly £34.6 million or $46 million, will be paid in installments.

Here’s the thing about release clauses in Spanish football: they’re mandatory in La Liga contracts, and when a buying club meets the number, the selling club has no say in the matter. Osasuna couldn’t block this even if they wanted to. The only entity that could have redirected Muñoz’s trajectory was Real Madrid, which held first refusal rights from the 2025 sale. They passed.

For context on that 2025 deal: Muñoz moved from Real Madrid to Osasuna for just €5 million, with a share of economic rights involved. In other words, Real Madrid let a player go for €5 million who is now worth eight times that amount, roughly 12 months later.

From Barcelona academy to Liverpool’s front line

Muñoz came through Barcelona’s famed La Masia academy before ending up at Real Madrid. From there, he was sold to Osasuna in the summer of 2025, where he developed into the kind of player that Premier League clubs fight over.

At 22, he’s already part of Spain’s squad for the upcoming 2026 World Cup. The fact that Newcastle United was widely expected to complete this signing before Liverpool swooped in adds a layer of intrigue.

What this means for Liverpool’s transfer strategy

The Muñoz signing reflects Liverpool’s approach under Richard Hughes and Michael Edwards, who activated the release clause rather than entering prolonged negotiations. Activating a release clause means meeting the number exactly — no haggling. At €40 million for a World Cup-level 22-year-old winger, Liverpool clearly decided the math worked in their favor.

Spreading payments across multiple installments allows Liverpool to maintain spending power for additional signings without committing the full fee in a single transaction. Locking Muñoz in for six years means Liverpool controls the asset through what should be the peak years of his career.