By Francis Onyach - Reporter
Italy, June 26, 2026 - Como have pulled off one of the most remarkable pieces of business of the summer after reaching an agreement to re-sign Argentine star Nico Paz from Real Madrid on a permanent transfer, just a day after Los Blancos activated their €9 million buy-back clause.
The innovative deal allows Como to retain one of Serie A's brightest young talents while ensuring Real Madrid maintain significant control over the midfielder's future. According to multiple reports, the Spanish giants exercised their contractual option to bring Paz back, then immediately negotiated his return to Italy in a deal worth approximately €60 million. As part of the agreement, Real Madrid will retain a new buy-back clause, allowing them to re-sign the Argentine if he continues his rapid development.
The agreement concludes weeks of speculation surrounding the future of the 21-year-old, who enjoyed a sensational breakthrough campaign under Cesc Fàbregas at Como.
After leaving Real Madrid in 2024, Paz quickly established himself as one of the standout performers in Serie A. His creativity, composure in possession, and eye for goal played a crucial role in Como's impressive season, helping the ambitious Italian club secure UEFA Champions League football and earn widespread praise across Europe.
His performances also cemented his place in Argentina's senior national team, where he has become one of the country's most exciting emerging talents.
For several months, it appeared inevitable that Real Madrid would activate the €9 million buy-back clause included in the original transfer agreement. Given Paz's outstanding form and his relatively modest buy-back fee, many expected him to return permanently to the Santiago Bernabéu.
Instead, Real Madrid have opted for a different strategy.
Rather than immediately reintegrating Paz into a squad already packed with elite midfielders such as Jude Bellingham, Federico Valverde and Arda Güler, the Spanish club has chosen to capitalize on his soaring market value while ensuring they do not lose influence over his long-term future.
The agreement allows Como to keep the player they desperately wanted, while Madrid receive a substantial financial return and preserve the option to bring him back in the future if he develops into the world-class player they believe he can become.
One of the decisive factors behind the deal was the player's own preference.
Reports indicate that Paz made it clear he wanted to remain at Como rather than return to Madrid this summer. The attacking midfielder has flourished under head coach Cesc Fàbregas, who has built the team around his strengths and played a major role in accelerating his development.
The strong relationship between player and coach, combined with the opportunity to continue playing regular first-team football and Champions League matches, convinced Paz that another season—or longer, in Italy would be the best step for his career.
For Como, completing the deal represents another major statement of intent.
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Since returning to Serie A, the club has transformed into one of Italy's most ambitious projects under its wealthy ownership. Keeping Paz was viewed as the club's top priority this summer, with executives determined to avoid losing the player around whom much of their attacking football has been built.
Although paying around €60 million represents by far the biggest transfer fee in Como's history, club officials believe the investment is fully justified by Paz's quality, age and enormous potential resale value. More importantly, they retain the services of a player capable of leading the club into its first-ever UEFA Champions League campaign.
For Real Madrid, the deal reflects a growing trend in their transfer strategy.
Rather than simply buying and selling young talent, the club has increasingly looked to retain future control over elite prospects through buy-back clauses and sell-on provisions. Similar structures have previously been used with several academy graduates, allowing Madrid to benefit financially while keeping the door open for future returns if a player's development exceeds expectations.
In Paz's case, club officials clearly believe his long-term future could still lie at the Santiago Bernabéu. The inclusion of a fresh buy-back clause ensures that if he continues progressing into one of Europe's premier attacking midfielders, Madrid will have the first opportunity to bring him back without entering a bidding war.
The transfer also highlights the growing reputation of Cesc Fàbregas as a coach capable of developing elite young players. Under his guidance, Paz has evolved from a promising academy graduate into one of Europe's most sought-after midfielders, attracting interest from several top clubs before ultimately choosing to remain where he believes his development will continue best.
While the move is still awaiting formal confirmation from the clubs, all major terms have reportedly been agreed. Once the paperwork is completed, Como will retain the services of their biggest star, while Real Madrid will walk away with a significant profit and continued influence over one of Argentina's brightest young talents.
It is a deal that benefits all three parties.
Como keep the player they desperately wanted. Nico Paz remains at the club where he has flourished.
And Real Madrid ensure that, should the Argentine fulfil his enormous potential, the road back to the Bernabéu remains firmly open.