Real Madrid has pulled the trigger on its buyback clause for Nico Paz, effectively pulling the 21-year-old Argentine midfielder from Como for just €9M before attempting to sell him for €60M-70M—a mechanism that forces the Italian club to decide whether to retain their Champions League-qualified star, while Inter Milan, Tottenham, and a handful of Premier League giants circle.
Why This Matters
• Como risks losing its Champions League midfield: Paz helped the club secure a historic Champions League qualification, and now Como must decide if they can afford to pay €60M to keep him for next season's European campaign.
• Inter eyeing right-back alternatives: With Marco Palestra—a promising Italian defender Inter had targeted—now bound for Chelsea, Inter is exploring budget options like Guga from Fluminense as a replacement on the right flank.
• Zaniolo's next chapter: Udinese officially purchased Nicolò Zaniolo from Galatasaray for €5M, but salary disputes mean Juventus, Milan, and Lazio are circling at around €15M.
Madrid's Buyback Gambit Puts Paz in Limbo
When Como secured Paz from Real Madrid in August 2024 for roughly €6M, the deal included a tiered buyback structure: €9M in 2026, rising in subsequent years. Real Madrid has now activated that clause. Rather than integrating the youngster into their midfield, Real Madrid is treating Paz as trade bait, seeking to maximize profit on a player whose market value has increased significantly after a breakout season in Serie A.
Como has been handed a short-term right of first refusal at €60M, with an embedded €80M buyback clause if they do purchase him. This asking price has stunned the Italian club's board. Despite Paz's stated desire to continue in the lakeside city, the financial leap is steep, especially given Como's recent promotion to Serie A. Como's silence so far suggests the club is weighing whether their Champions League qualification—which brings European revenue this season—justifies such a significant investment, or whether Financial Fair Play constraints make the outlay too risky for a newly promoted club.
Inter, Tottenham, and the European Auction
Inter Milan has moved from casual observer to active contender. The Nerazzurri had long admired Paz but refrained from pursuing him while he was settled at Como. Now that Real Madrid has reset the board, Inter's sporting director has opened talks, positioning the club as a serious bidder should Como step aside. The timing is opportune: Inter is still recovering from losing Palestra to Chelsea and needs attacking depth ahead of a Champions League campaign.
Tottenham Hotspur is equally alert. The London club reportedly offered €50M and later €70M during the January window, only to be rebuffed by Como. With Paz now formally back under Madrid's control, Spurs are preparing a fresh bid. Arsenal, Chelsea, Borussia Dortmund, and RB Leipzig have also registered interest, transforming what was meant to be a quiet Como stay into a continent-wide bidding war.
Paz himself remains caught in the middle. The Argentine international, who has earned 10 caps, has publicly expressed loyalty to Como. Yet his contract—valid until 2028—is now effectively subject to Madrid's decisions, and his next destination will be dictated by who meets Madrid's asking price first and whether Como can muster the funds to keep him.
Inter Scouts Budget Option in Guga
While the Paz saga unfolds, Inter is also addressing a more immediate need on the right flank. Denzel Dumfries is expected to depart for Real Madrid, and Palestra's defection to Chelsea has left the club with a vacancy. Enter Guga, the Brazilian right-back currently with Fluminense.
Guga's profile is modest but functional. He joined Fluminense in January 2023 and was part of the squad that lifted the Copa Libertadores later that year. His current contract runs through December 2029, but his market value sits at just €2M, making him an attractive low-cost acquisition. The Brazil-born defender, who holds Portuguese citizenship, is known for his pace, crossing ability, and aerial duels, though he is considered a traditional fullback rather than the hybrid wing-back Inter typically prefers.
Guga has registered multiple appearances in recent seasons, and his name was quietly floated to Inter's recruitment team this week. The Nerazzurri are weighing whether to pursue him as a stopgap or continue hunting for a more dynamic option. Another name on their shortlist is Wesley, the Brazilian right-back currently with Roma, though his price tag is significantly higher.
What This Means for Serie A and Residents
For fans and investors tracking Italy's football economy, these moves underscore the structural disadvantage faced by newly promoted Serie A clubs. Como's predicament illustrates a fundamental tension: even achieving a historic Champions League qualification cannot shield a club that has just ascended to Italy's top tier from losing star players to contractual obligations and financial disparities. While Como will pocket Champions League revenue this season—potentially €15-20M depending on their campaign performance—it may prove insufficient to retain Paz without destabilizing the club's finances or violating Serie A's strict Financial Fair Play regulations.
Unlike established clubs like Inter or Milan, which can absorb transfer outlays across their full squad investments, newly promoted clubs face stricter FFP scrutiny. For Como, spending €60M on one player represents an enormous percentage of their total budget. If Como fails to retain Paz, the club will receive a 50% sell-on fee from Real Madrid's eventual sale—a consolation, but insufficient compensation for losing the midfielder who delivered their historic CL qualification.
The Paz situation also signals a shift in how Italian clubs must negotiate. Smaller Serie A clubs can no longer rely on player loyalty or financial offers alone; they must navigate complex contractual structures like buyback clauses that have become standard across top European deals. Inter's pivot to budget signings like Guga reflects this new reality: established Italian clubs must balance ambition with fiscal discipline as UEFA and Serie A enforcement tightens.
For residents and expats following Italian football, the summer window is a test case for whether Serie A can compete with England, Spain, and France while maintaining financial stability. Como's situation may ultimately determine how future newly promoted clubs structure contracts and manage star players.
Zaniolo's Udinese Puzzle and Big-Club Interest
Meanwhile, Nicolò Zaniolo has officially become an Udinese player. The club exercised its purchase option on June 15, paying €5M to Galatasaray and tying the Italian midfielder to a contract through June 2029. The Turkish club retains a 50% sell-on clause, meaning any future transfer will still enrich Galatasaray's coffers.
However, Zaniolo's agent has publicly expressed frustration over the terms of his client's deal, describing the salary structure as inadequate and hinting at a potential exit unless a new agreement is reached. That uncertainty has drawn interest from Juventus, Milan, and Lazio, all of whom believe they can pry the attacking midfielder away for around €15M.
Juventus is reportedly considering including young prospects as part of a structured offer, while Lazio is motivated by Zaniolo's versatility and marketability. Milan is monitoring the situation as a fallback if other primary targets prove unattainable. Como, flush with Champions League qualification revenue, has also entered the conversation.
A resolution is expected within weeks. If Udinese and Zaniolo's camp cannot agree on revised terms, the club is prepared to sell, treating the transfer as a quick-turnaround profit opportunity rather than a long-term squad investment.
Other Market Movements
Udinese is also targeting Mile Svilar, the Roma goalkeeper. The move is tactical: Roma faces a June 30 financial deadline—Italy's fiscal year end for football clubs—to register significant capital gains on their balance sheets. Svilar, signed on a free transfer from Benfica in 2022, represents pure profit, making him an attractive target before month's end. Udinese hopes to exploit that urgency with a quick bid.
For Italian clubs specifically, the June 30 deadline creates acute pressure. Under Italian football regulations and UEFA Financial Fair Play rules, clubs must balance income and expenditure by fiscal year end. This arbitrary deadline often triggers a flurry of sales and strategic transfers as clubs race to meet compliance thresholds. For fans and residents, understanding this deadline explains why seemingly rushed transfers accelerate in late June—it's not poor planning, but regulatory necessity.
Como has locked down two key renewals through 2031: defender Marin Smolčić and midfielder Da Cunha, who is set to be named the club's next captain. These moves signal Como's intent to build around proven performers despite the Paz uncertainty.
As June 30 approaches, expect further drama across Serie A, particularly among clubs navigating both sporting ambition and financial compliance.
