Nico Paz Set to Stay at Como as Real Madrid Step Back

Nico Paz is set to remain at Como for a third consecutive season after informing Real Madrid of his desire to stay in Italy, with Spanish outlet AS reporting that Madrid – guided in part by José Mourinho’s strategic advice – have opted not to activate their buyback option for 2026-27, despite holding a clause that could bring him back for as little as €9m.

AS first reported Paz’s preference to continue at Como following a meeting with the club’s directors and Mourinho. Sky Sport Italia subsequently reported that Como are increasingly confident of retaining the Argentine and that club-to-club talks are ongoing to determine a transfer formula that formalises his continued stay.

The Clause Structure That Makes This Significant

Here is where the story has genuine teeth. When Real Madrid sold Paz to Como in August 2024 for approximately €6m, they retained tiered buyback options – reportedly €8m in 2025, €9m in 2026, and €10m in 2027 – alongside an entitlement to 50% of any future transfer fee Como receive. For context, Como are reported to have turned down a €70m bid from Tottenham Hotspur for Paz, a figure that illustrates the chasm between what Madrid could spend to reclaim him and what the market believes he is now worth.

That Madrid are choosing not to exercise their option is a strategic call, not a financial one. The cost is negligible relative to their wider spending – their midfield planning has centred on senior acquisitions – but the optics of letting a player of Paz’s current trajectory slip by on a sub-€10m clause will attract scrutiny if his valuation continues to climb.

Mourinho’s Advisory Role and Madrid’s Reasoning

AS framed Madrid’s decision as consistent with Mourinho’s counsel to build around proven, experienced players rather than recall developmental talents. The names cited as priorities – Denzel Dumfries, Marc Cucurella, and Bernardo Silva – are all established internationals in their late twenties or beyond. Paz turns 21 in December; the argument from Chamartín is that another season of regular football, now at Champions League level, serves his development better than a fringe role in Madrid’s squad.

It mirrors the approach Madrid have applied elsewhere. Their handling of Brahim Díaz’s loan years in Serie A followed a similar logic – keep a talented young player in consistent minutes while retaining contractual control – and the Paz arrangement is arguably more tightly structured. The 50% sell-on clause alone means Madrid profit substantially from any future move even if they never activate the buyback.

What Paz Brings to Como’s Champions League Campaign

The sporting context for Como matters here. Cesc Fàbregas’ side will compete in the Champions League for the first time in the club’s history in 2026-27, and Paz has been central to the project that got them there. Across the 2025-26 season he played 40 matches in all competitions, contributing 13 goals and 8 assists and earning recognition as the best midfielder in Serie A for the campaign.

Como sporting director Carlalberto Ludi was unambiguous about the club’s position: “From our perspective, the future involves Nico… We not only anticipate his presence but also desire for him to stay,” he said, adding that they will “be ready for any outcome” depending on Madrid’s final stance.

The Verdict – One Window Remaining

Madrid have effectively communicated they will not recall Paz this summer, but the story does not end here. The final buyback window – at €10m – remains open until June 30, 2027. A strong Champions League campaign for Como next season, combined with continued individual growth, will only deepen the tension between what that clause costs and what Paz would fetch on the open market. Madrid retain all the leverage; the question is whether they use it or continue to profit passively through their sell-on terms while another club eventually pays the real price.