Real Madrid let Nico Paz walk for €6 million in August 2024. Now the 21-year-old Argentine is valued at roughly €80 million, and he doesn’t want to go back.

Paz has told Como he wants to stay for the 2026-27 season, choosing consistent minutes and a rising project in Serie A over a return to the Bernabéu. Real Madrid still holds a buyback clause, reportedly priced between €8 million and €9 million, that becomes active this summer. But the player’s preference is clear: he’d rather keep doing what’s working.

The economics of a buyback nightmare

Como paid €6 million to sign Paz. The buyback is set at roughly €8 million to €9 million. His current market valuation sits around €80 million. In English: Real Madrid could theoretically reacquire a player for about one-tenth of what he’s worth on the open market.

The wrinkle is that Paz doesn’t want to leave. As of mid-June 2026, Real Madrid has not finalized any decision on whether to exercise the option, with discussions reportedly still ongoing.

Real Madrid also secured a 50% stake in any future sale as part of the original deal. So even if Paz stays at Como and eventually moves elsewhere for a massive fee, the Spanish club gets half.

Why Como makes sense for Paz

At Como, he plays every week. Under coach Cesc Fàbregas, Paz has flourished into one of Serie A’s most exciting young talents. His performances this season earned him a nomination for the Serie A Team of the Season.

Paz has also reportedly expressed aspirations to play in the Champions League. Como’s trajectory under the ownership of the Hartono brothers, who acquired the club through Djarum Group in 2019, suggests that European competition might not be far off.

What this means for all parties involved

For Real Madrid, the 50% sell-on clause means they’ll benefit financially whenever Paz eventually moves. The buyback clause expires after this summer window if not exercised.

If Real Madrid declines to exercise the buyback this summer, other clubs will inevitably come knocking, and Como will need to weigh a massive sale — which they’d split 50-50 with Real Madrid — against keeping their best player and pushing for European qualification.