Newcastle United are reportedly advancing in their pursuit of Víctor Muñoz, with several Spanish outlets indicating that a deal worth up to €40 million is being discussed between the Premier League club and Osasuna.
The proposed package would reportedly include €35 million in fixed payments plus an additional €5 million in performance-related bonuses. While the total value mirrors the player’s release clause, the structure of the agreement would allow the clubs to avoid triggering the clause directly
and could provide more favorable tax conditions for all parties involved.
From a Real Madrid perspective, however, the story is less about Newcastle and more about the significant influence Los Blancos still retain over the player’s future.
Madrid sold Muñoz to Osasuna last summer for €5 million but negotiated a deal that preserved substantial control over his development. The club maintains ownership of 50 percent of the player’s rights, while also holding a right of first refusal and a buy-back option that can be activated this summer for a fee believed to be between €8 million and €10 million.
As a result, any transfer involving Muñoz is not simply a matter between Newcastle and Osasuna. Real Madrid remain deeply involved in the process and could ultimately play a decisive role in determining whether the move proceeds.
The financial implications are significant.
Should Newcastle complete a deal worth the reported €40 million, Real Madrid would stand to receive approximately half of the transfer income, potentially earning around €20 million through their retained rights. Such a return would represent an impressive piece of business less than a year after the player’s departure.
The situation also presents Madrid with a strategic decision.
The club could allow the transfer to proceed and secure a substantial profit without assuming any sporting risk. Alternatively, it could explore exercising its buy-back clause if decision-makers believe Muñoz has developed into a player capable of contributing to the first team in the future — although that could be an unlikely scenario given that the left wing is currently occupied by Vinicius Jr.
At this stage, no final agreement has been reached, and discussions remain ongoing among all parties involved.
