€70m on the table, still a no: why Nico Paz is staying at Como
A €70 million offer usually moves mountains. Not this time. Como said no to an improved bid from Tottenham for Nico Paz, and the player backed that stance by choosing to stay put for the entire 2025/26 season.
Fabrizio Romano summed it up simply: the deal is over for now. The key twist? Real Madrid have told Como they will match any proposal for the 20-year-old Argentina international. That puts a clear path in place for a transfer to the Bernabeu in the summer of 2026, with Paz continuing his development in Serie A for one more year.
Spurs went hard. After an opening proposal in the €40–50m range, they returned with a package worth up to €70m. It was a late push after their Eberechi Eze pursuit collapsed when Arsenal snatched the Crystal Palace star at the last moment. Add in James Maddison’s ACL injury, and the urgency for a creative midfielder was obvious.
Still, Como held their line. Head coach Cesc Fabregas was blunt: Nico is focused on Como and has committed to us for this season. The timing helped their case. On Sunday, Paz bossed a 2–0 win over Lazio with a goal and an assist, a reminder of why he was named Serie A’s best player aged 23 or under last season. Walking away from that, with the season just underway, never felt likely.
From Como’s side, the decision ticks several boxes. They keep their centerpiece for another campaign, send a message about the project’s ambition, and avoid a deadline-day rebuild. From the player’s side, staying means regular minutes in a system tailored to him, under a coach who trusts him, in a league that has already elevated his profile. And from Madrid’s side, it mirrors a strategy they’ve used before: secure the player’s future and let him mature with minimal disruption before bringing him in at the right moment.
The financials also tell a wider story. A serious Premier League bid reaching €70m for a 20-year-old underlines how Europe’s market now prices elite U23 creators. But it also shows that not every club will cash in. Como gambled on sporting stability over immediate profit, likely boosted by the knowledge that Madrid’s matching stance protects Paz’s long-term value.
What would Spurs have been buying? A high-IQ attacking midfielder who can receive under pressure, slip runners in, and arrive in the box to finish moves. He can carry the ball through tight spaces and play at tempo—traits that fit the way Ange Postecoglou wants his team to attack. Spurs’ interest wasn’t theoretical; it was a football fit as much as a transfer play.
But fit alone doesn’t win you the signature. Paz’s camp sees another season under Fabregas as a low-risk path to steady growth. Madrid’s plan aligns with that. A 2026 move gives them time to manage squad minutes, wage structure, and non-EU slots, while monitoring Paz’s next jump in output against Serie A’s best.
What it means for Spurs, Como, and Real Madrid
For Spurs, the clock is ticking. They still need creativity and one more wide threat before the window shuts. Their recruitment board has Manchester City’s Savinho high on the list. He’s a dynamic winger rather than a pure No. 10, so they may need to balance profile and timing—do they add dribbling and direct pace now and lean on internal solutions for chance creation, or do they try for a second creative piece too?
There are in-house levers to pull. Postecoglou can tweak roles to get more playmaking from deeper midfielders, push a forward inside to overload the half-spaces, or tilt build-up through the left to free the No. 8. None of that fully replaces a Maddison-type, but it can keep the attack humming while the market is squeezed.
Como, meanwhile, get clarity. They retain their most valuable player, keep continuity in a key zone, and can plan a campaign where Paz is the reference point. That Lazio performance—goal, assist, game control—wasn’t a one-off. It’s the template. The club now sells stability to the locker room and to fans: the star stays, the coach has the pieces he asked for, the identity holds.
Real Madrid’s involvement shapes the endgame. Matching bids is a strong signal without the pressure of a mid-season integration. Madrid have been careful with young attackers, preferring a staggered path that avoids clogging minutes or stalling development. A 2026 arrival lines up with a squad that will inevitably turn over in attack, and with a preseason runway to settle him in.
Zoom out, and you see the modern transfer trade-offs. Premier League money can accelerate talks, but player preference and project stability still matter. Italy’s rising clubs won’t always sell, and Spain’s elite are happy to wait a year if it means getting the right player on their terms.
What’s next? Expect movement, just not around Paz.
- Paz will finish the 2025/26 season at Como, barring a dramatic U-turn.
- Real Madrid are positioned to finalize a 2026 transfer after honoring their pledge to match offers.
- Spurs will pivot to wide options, with Savinho a priority in the final week of the window.
- Any late return to the table for Paz looks unlikely unless the player changes his stance—something neither Como nor the player’s camp are signaling.
Across all three camps, the messaging matches the actions. Spurs tested the market at a high price. Como chose sporting continuity. Madrid set the landing strip for 2026. And for now, the most decisive figure in the saga is the player himself, choosing minutes and momentum over a fast move.