The deal was first reported by Fabrizio Romano. Real Madrid had initially exercised their €9m buyback option on Paz, but the player's own desire to stay in Italy, Como's firm pursuit and the strong relationship between the clubs opened the door to a restructured arrangement. Como have effectively paid €51m net for the rights to Paz, once Real Madrid's buyback is factored in.
Paz himself was central to the outcome. He has found in Como the continuity and prominence he needed at this stage of his development, establishing himself as one of the standout names in Cesc Fàbregas' project in Lombardy. Returning to Madrid, where competition for places is at its peak, was not seen as the right move at this point in his career.
For Real Madrid, the operation carries a clear strategic logic. The club did not want to lose permanent control over a player they still regard as a future asset, and the buyback clause ensures they remain the dominant force in any future decision over his next move. In Valdebebas, Paz is still viewed as a player capable of returning when the conditions are right.
Fàbregas has been instrumental in Paz's rise, giving him freedom between the lines and a central role in Como's attacking identity. The midfielder has grown from a promising academy export into a recognised presence in a competitive European league, and that progression has not gone unnoticed by his parent club.
The arrangement suits all parties — Como retain their most influential player, Paz continues in an environment where he feels trusted and important, and Real Madrid protect their long-term position on one of the most promising talents to have come through La Fábrica in recent years.