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.