Real Madrid plan to activate their buyback clause on Paz before June 30 and immediately offer the Argentine to other clubs — a move that has blindsided Como and left the Serie A club deeply unhappy, according to Corriere dello Sport.
Paz, 21, was sold to Como for €6 million in 2024 with Real retaining fifty per cent of his economic rights and a staggered buyback clause: €9 million exercisable this summer, rising to €10 million in 2027. Under that structure, Madrid can legally reclaim the player for a fraction of his current market value before turning him around at a price they choose.
Como had expected Paz to stay for at least one more season. Their president Mirwan Suwarso had acknowledged the impossibility of blocking the buyback entirely but proceeded on the assumption that the player's preference — to remain in Italy and continue developing under Cesc Fàbregas — would carry sufficient weight. That belief proved misplaced.
Jose Mourinho does not consider Paz part of his plans at the Bernabéu. The decision to trigger the buyback is therefore commercial rather than sporting: Madrid are not bringing him back to use him, but to resell him at a considerable profit.
Sky Sports reports that negotiations between the clubs are currently on pause, with Como declining to meet Real's €60 million asking price. Fàbregas and club leadership intend to argue their case directly in a meeting with Madrid this week, leaning on Paz's own desire to stay and continue working with the coach who has drawn the best out of him.
Paz finished the 2025-26 season as Serie A's best midfielder, helping Como qualify for the Champions League in just their second top-flight campaign. He is currently on World Cup duty with Argentina, and a decision on his next club may come before he returns.