Como are poised to complete a €60m deal to retain Nico Paz permanently, even though the Italian club expect to breach UEFA’s Financial Fair Play regulations. The operation involves Real Madrid activating a €9m buy-back clause, only for Como to re-sign the midfielder immediately at a significant markup. This unusual sequence will see the Argentine return to the Stadio Sinigaglia just days after departing, securing his services for the club’s debut Champions League campaign.
The Transfer Mechanics
The arrangement includes an €80m buy-back option valid exclusively in the summer of 2027, giving the Spanish giants a future pathway to reclaim the 20-year-old. By structuring the deal in this manner, Como ensure Paz remains eligible for their European squad while technically complying with the buy-back obligation owed to Madrid. The arrangement highlights the creative solutions clubs employ to retain key talent amid contractual complexities.
Impending UEFA Review
European football’s governing body will examine Como’s accounts in the coming spring, assessing the three-year cycle covering 2023-24, 2024-25 and 2025-26. Clubs competing in UEFA competitions must limit losses to €60m across this timeframe, while ensuring first-team expenses do not exceed 70 per cent of overall revenue. These strict guidelines are designed to ensure long-term sustainability across the continent’s elite competitions.
Como’s financial records show €50m losses in 2023-24 rising sharply to €132m in 2024-25. While the current season should show improvement following their maiden Champions League qualification, which brings increased broadcasting and matchday revenue, forecasts suggest the deficit will remain around €100m. This trajectory means the club will inevitably exceed the permitted thresholds, placing them in breach of the financial sustainability regulations before the review period concludes.
Wealthy Backing and Potential Settlement
The Lombardy-based side possess Serie A’s wealthiest ownership consortium, having invested €390m since their 2019 takeover. Unlike many European clubs, Como operate without external debt and maintain net assets exceeding €54m. These factors, combined with their status as first-time offenders, may influence UEFA’s response when the review concludes.
According to La Gazzetta dello Sport, Como anticipate entering a settlement agreement with UEFA next year. Such arrangements typically impose strict spending restrictions for three to four seasons, limiting the club’s ability to sign players in future windows. The governing body generally looks favourably upon clubs making rational investments and owners with proven track records of capital injection, both of which apply to Como’s model.
This strategy secures Paz’s immediate future but could constrain the squad’s development in subsequent transfer periods. The situation underscores the difficult balance between sporting ambition and financial compliance facing newly promoted clubs on the European stage.