Nico Paz tells Real Madrid he wants another season at Como as Mourinho closes door

Nico Paz has told Real Madrid he wants to stay at Como 1907 for the 2025–26 season, according to Diario AS, reversing an earlier plan to return to Spain this summer. The 21-year-old Argentine midfielder communicated the decision directly to Los Blancos’ leadership, with Cesc Fábregas’s side now confirmed in next season’s Champions League.

The shift is significant. Earlier this year, AS and Fabrizio Romano had both framed the activation of Madrid’s €9m buy-back option for 2026–27 as essentially agreed, with personal terms reportedly in place. Two developments appear to have changed the calculus for Paz and his camp: the upheaval caused by Real Madrid’s presidential elections and the arrival of José Mourinho, who could not guarantee the midfielder the central, regular role he is seeking.

With Como now in the Champions League, the Italian club offers Paz a credible stage for continued development and consistent playing time — the two conditions his camp had flagged as non-negotiable throughout negotiations. His contract with the Serie A side runs until 2028, giving Como structural security regardless of how Madrid’s options play out.

Como president Dennis Wise had previously acknowledged that Madrid retain the right to recall Paz at any point, while stressing the player’s own preference would be central to any outcome. That preference is now formally stated.

Real Madrid hold three distinct buy-back windows: €8m in 2025 — now passed — €9m in 2026, and €10m in 2027, the last of which remains live until 30 June 2027. The 2026 window deadline has effectively been allowed to lapse following Paz’s communication, leaving the €10m clause as Madrid’s final mechanism for a unilateral recall. Any third-party club wishing to sign Paz would require Madrid’s approval and trigger a 50% sell-on payment to Los Blancos. AS report that no external transfer is being considered at Valdebebas at this stage.

The next meaningful decision point arrives around June 2027, when Madrid’s €10m option expires. Paz’s performances for Como in Serie A and the Champions League — alongside any appearances for Argentina heading into the post-World Cup cycle — will determine whether Los Blancos choose to exercise that final clause or allow his registration to remain in Italian hands beyond that date.