Nico Paz's move to Como has been made permanent in a deal worth around €60 million. The transfer closes out a saga that had rumbled on for months: Real Madrid held a cut-price buy-back option on the Argentine playmaker, and rather than exercise it and bring him back to the Bernabéu, the two clubs restructured the arrangement so Como could keep him for good. As part of the new terms, Madrid have inserted a fresh buy-back clause of roughly €80 million that only becomes active in the summer of 2027, giving them a route back to the player if he keeps developing at this rate.
Paz originally left Madrid's academy for Como in 2024 in a deal worth a fraction of this fee, with the Serie A club initially only owning half of his rights. That arrangement always looked like a bargain for Como if Paz kicked on, and he has done exactly that. Head coach Cesc Fabregas built his side around the 21-year-old and made clear this year that he wanted the situation resolved on Como's terms, publicly pushing back on other clubs, including Inter Milan, who had been credited with interest in the player.
For Real Madrid, this is a case of cashing in on a player who was never going to get regular minutes at the Bernabéu. With Jude Bellingham, Arda Güler and Federico Valverde all competing for attacking midfield roles, Paz had little realistic path into the first-team plans at Madrid, and the club opted to bank a big fee now while preserving the option to bring him back in 2027 if his stock keeps rising. It is a similar model to how Madrid have handled other academy graduates sent out on development pathways.
The numbers behind the deal tell their own story. Paz has been one of Serie A's standout performers this season, finishing among the division's top scorers and creators from a central attacking midfield role: 12 goals and 6 assists in 35 league appearances, with an average match rating well above seven. For a player operating as a creative hub rather than a out-and-out forward, that is an exceptional return and explains why Como were prepared to commit such a significant fee to keep him.
At Como, Paz will continue as the focal point of Fabregas's attacking play, dropping deep to dictate tempo, driving forward into the final third and combining with the club's front line. Como have built their recent rise around his passing range and eye for goal, and locking down his long-term future removes any uncertainty heading into the new season about whether their best player would still be there. The club now has him tied to a long-term contract with no loan clock running down in the background.
The deal also settles the ownership question that has coloured Como's transfer business for the past two windows. Rather than negotiating a fresh loan or buy-back trigger every summer, the club can now plan around Paz as a permanent asset, while Real Madrid retain a watching brief through their 2027 option rather than a rushed decision this year.