According to AS journalist José Félix Díaz, even if Real Madrid buys back Nico Paz this summer, they cannot sell him to Internazionale.
Nico Paz has recently been the subject of significant discussion. First, he has delivered impressive performances at Como, prompting Real Madrid to maintain its intention to repurchase him throughout the season.
Second, Real Madrid learned that the player is reluctant to return to the club at this time. Previously, the player had actively hoped to rejoin Real Madrid. Contrary to external reports, Real Madrid has not yet officially exercised the buy-back clause.
The deal is currently pending Como's response to Real Madrid's offer. Aware that they still hold 50% ownership of the player and recognizing his considerable athletic and commercial value, Real Madrid's management has proposed an alternative arrangement to secure greater control over his future. Como has not yet responded.
Real Madrid will respect the player's wishes and allow him to remain at Como this season, despite the club's original desire to recall him immediately. Real Madrid's new plan aims to firmly secure the full repurchase initiative for the 2027-28 season.
Under the original agreement, Real Madrid could have repurchased him the following year, but the club would bear all financial losses if the player suffered a serious injury, accident, or other unforeseen circumstances that diminished his value.
For this reason, Real Madrid has proposed that Como purchase the remaining 50% ownership stake. Real Madrid is asking €60 million for this stake, valuing the player at €120 million overall.
Even so, Real Madrid retains the right to repurchase next year at a price slightly above €60 million—closer to €80 million—well below the €120 million valuation. This buyout clause will be offered to both Como and the player.
If Real Madrid does not exercise this clause, they retain a preferential right to purchase, meaning they can match any offer from a third-party club. Real Madrid is reportedly determined to bring the player back next summer.
Therefore, it is inaccurate to say that Real Madrid is selling Nico Paz for €60 million, as the selling price to other clubs would be twice that amount. If Real Madrid held no rights to the player, they would sell him to the highest bidder, which is clearly not the case.
Furthermore, FIFA regulations prohibit clubs from buying a player and then selling or loaning him out within the same transfer window. Such transactions, known as "bridge transfers," violate the rules and result in penalties.
Therefore, it is impossible for Real Madrid to buy back Nico Paz this summer and then sell him to Internazionale. Real Madrid proposed this arrangement to accommodate the player's preferences. If Como accepts, the deal will proceed.
The plan for this season is for Bernardo Silva to play in Nico Paz's position initially, with Nico Paz competing for his place next season. If Como refuses, Real Madrid will exercise the buyout clause and bring him back this summer to compete for a starting position.
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