Welcome to issue #037 of Contemporary Football, your inside look at how the game really works behind the scenes.
Monday to Friday, you’ll uncover a new perspective on football business, and sometimes a deeper story that sharpens your thinking and gives you an edge in the beautiful game.
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Hey everyone,
Here’s why the Nico Paz contract is one of the smartest pieces of football business.
Because of how control, upside, and risk are distributed.
The basic numbers
Let’s start with facts:
Age: 21
Contract with Como until 2028
Purchase price paid by Como: €6m
Reported market interest: ~€65m (Tottenham and Real Madrid)
On paper, this looks like a classic small-club win.
It isn’t.
The buy-back clauses: where the deal is decided
Real Madrid never lost control.
Buy-back structure:
June 2025: €9m (expired)
June 2026: €10m
June 2027: €11m
Meaning:
A player whose value increased by €50–60m in one season can leave for €10m in June.
That’s the deal.
Como’s perspective: upside is capped by design
From Como’s side:
Maximum capital gain if buy-back is triggered: ~€7m (6/4=1.5 ; 1.5×2=3 ; 10-3=7)
Sporting upside: one full season of high-level performance
Financial upside: limited, intentionally
This is not failure.
It’s the acceptance of the position.
Como traded potential upside for sporting impact.
Madrid’s perspective: control without risk
Real Madrid also secured:
The right to match any “monster offer” before buy-back windows
50% sell-on clause on any future transfer
So if a club bids €70m:
Madrid either matches or lets the player move, making €35m.
In both cases, Madrid captures most of the upside.
Key point:
Madrid carries no balance-sheet risk, no amortisation pressure, no wage inflation.
Yet they control the asset.
This is not a loan. And not a gamble.
This structure is often misunderstood.
It is not:
A normal loan with option
A developmental favour to a small club
A gamble on future value
It’s distributed ownership logic.
👉 Sporting risk sits with Como
👉 Financial upside sits with Madrid
👉 Market risk is neutralised through clauses
Everyone knows the rules.
Everyone signs anyway.
Why this matters
Because modern football is no longer about:
“Who owns the player?”
It’s about:
“Who controls the outcomes?”
Elite clubs are shifting their focus from balance-sheet exposure to optionality, timing, and asymmetric upside.
Nico Paz is not an exception.
He is the blueprint.
The clubs that still measure success only by transfer fees are already behind.
See you tomorrow,
Federico