Nico Paz contract: Why Como rejected $70 million from Tottenham, but might sell to Real Madrid for $10 million

Nico Paz is the reason you need to watch Serie A this season. The Argentinian attacking midfielder is one of the most talented prospects in Europe, a player who can make the difference in any moment of the game, as he did during Como's opening match of the season against Lazio, won 2-0 by the team coached by Cesc Fabregas. The 20-year-old provided one stunning assist and scored a magnificent free-kick, showing why Lionel Scaloni has already included him in Argentina's national teamsquad several times already.

Paz, who joined Como in the summer 2024 for $6 million, is a generational talent, and his former team Real Madrid know that really well. He made his debut under Carlo Ancelotti during the 2023-24 season when he scored his first goal, deciding a Champions League group stage fixture against Napoli at 18 years old, showing he could already be a decisive player at the highest levels of the game, but the Spanish giants decided to let him grow elsewhere. But that doesn't mean Real Madrid aren't keeping track of him.

Paz is now shining at Como as he begins his second season under Fabregas, and the Italian side have no intention of selling him this summer. They've already refused up to $70 million to let him go, when Tottenham tried to sign him ahead of the end of the summer transfer window. Como stood firm, rejecting offers to retain their star at the club. So, how did Como manage to hold him, and why can Real Madrid potentially bring him back for just $10 million in the summer of 2026? Let's dive into the fascinating details of this transfer saga.

When Como agreed to a deal with Real Madrid in the summer 2024, the two clubs also agreed on some key clauses surrounding Paz that are having a big impact on the club's strategy this summer. First of all, the Spanish team have a 50% sell on clause in case of a future transfer of the player, meaning that if Como agreed on the $70 million deal with Spurs, Real Madrid were receiving half of the transfer fee, making it a much less lucrative deal for Como. They also agreed on another clause, that permit Real Madrid to match the offer in case of a deal with another club. In this case, if Como have accepted the proposal coming from the Premier League side, the team now coached by Xabi Alonso could match the same offer and have the last option on the deal. Real Madrid basically have the option to keep control of the player. When you combine the option to match and the sell on clause and then consider that Real also have a series of buy-back clauses every summer for fixed amounts over the next few years, €8 million in 2025, €10 million in 2026 or €10 million in 2027, Real clearly have control over Paz's future. This summer the Blancos decided not to sign him back, but considering his value, it's extremely likely they will do it in 2026.

Como are in a difficult spot right now because they know the longer Paz stays at the club the more his value will likely increase, but they also know it's extremely likely Real Madrid will sign him back for a lower fee in 2026, per the agreement reached with the Spanish club last summer. The Italian team, backed by substantial financial resources, ranks among Europe's wealthier clubs and is one of the few Italian teams capable of rejecting such lucrative offers. They have the power to plan for the long term and can potentially create a partnership with Real Madrid that can bring more players in the future, learning from the Paz deal. As they are starting a new cycle under Cesc Fabregas, one of the most exciting young managers around, they know that a relationship with Real Madrid can only improve the team in the future, rather than getting half of the money of a deal for Nico Paz. There are worse things for the Italian side than becoming the finishing school for a succession of bright young Real prospects.

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This is all made easier by the fact that the player himself is happy to stay at the club, and refused the option to join Tottenham this summer. He knows that at Como he can grow without the Premier League pressure and focus on his full season under Fabregas heading to the 2026 World Cup where he's expected to be part of Argentina's squad. Real Madrid, on the other hand, is learning from some mistakes they made in the past when for example they didn't match the PSG bid for Achraf Hakimi when he left Inter in the summer 2021, in a similar situation, with a similar clause to the one they have right now for Paz. That decision proved wrong, and despite a roster already filled with elite attacking midfielders and strikers, a talent like Paz remains a valuable asset worth securing.