Why didn’t Real Madrid want Victor Munoz for €8m, when Liverpool paid €40m?

Liverpool confirmed the signing of Osasuna and Spain winger Victor Munoz on Thursday, assembly his €40million launch clause and beating Newcastle to his signature.

Real Madrid may have signed the 22-year-old for €8million (£6.9m; $9.2m) this summer season — however they selected to not.

Some figures on the Spanish membership, notably throughout the academy, the place Munoz was skilled, have been left with combined emotions. There is a way of shock over Madrid deciding in opposition to giving Munoz, now on the World Cup with Luis de la Fuente’s facet, an opportunity to point out what he can do on the Bernabeu. This is a sense shared by the participant himself.

So why did Madrid flip him down? And how did they’ve the choice to decide on?

Informed by conversations with a number of sources conversant in the case, who all spoke anonymously to guard relationships, TheAthletic explains.

Munoz is a graduate of Madrid’s The Factory youth academy and the membership bought him to Osasuna final July in a €5million deal (together with an extra €1m with potential add-ons, of which just about all had been triggered). That settlement additionally included a number of buyback choices legitimate over the primary three seasons of the five-year contract he signed.

The first of these choices stood at €8million this summer season.

When Madrid bought Munoz to Osasuna, he had performed simply 47 first-team minutes throughout 4 appearances, together with a debut as an 88th-minute substitute in a 4-3 La Liga defeat at Barcelona in May 2025 — by which Munoz had an excellent probability to equalize however fired over the bar.

Following criticism he obtained from Madrid’s fanbase over that miss, he closed the feedback part on his Instagram account for an extended interval.

Munoz’s progress over the next 2025-26 marketing campaign with Osasuna was dazzling, with the winger rising as one of many breakout stars in Spain’s prime flight, making his worldwide debut in March and attracting interest from Barcelona — the place he spent three years as a youth participant from 2014 to 2017.

Barca’s curiosity ultimately light, in no small half resulting from Madrid’s positioning. Madrid wouldn’t have been glad for Munoz to finish up at their direct rivals, even when Munoz was born and grew up there earlier than arriving at Real Madrid in 2021, simply earlier than turning 18.

In concept, if Barca had indicated their intention to set off Munoz’s launch clause, Madrid would have been capable of step in and activate their very own choice as a substitute, as one other situation of their sale to Osasuna final 12 months gave them the proper of first refusal.

There had been voices inside Madrid who had been in favor of his return. They appreciated the concept of ​​bringing an academy graduate again, and a Spanish participant at that, additionally appreciating his talent set as a pure winger — a job not notably properly represented within the squad.

When some stories in Spain recommended it will occur, the response from all events to TheAthletic was that no closing choice had been made and, consequently, no formal communication had taken place.

Munoz himself did have reservations a couple of return, conscious of how troublesome it’s for academy gamers to interrupt into and progress in Madrid’s first crew. Sources near the participant mentioned that they noticed a extra steady path to the highest at Barcelona than at Madrid.

Madrid had been against him becoming a member of Barca however following Jose Mourinho’s appointment as manager and inside discussions over squad strengths and recruitment for subsequent season, it grew to become clear they didn’t see bringing him again as a precedence.

Barca weren’t the one get together, although. Premier League golf equipment started to appear and this started to be seen as Munoz’s almost certainly vacation spot.

Munoz pictured with Spain team-mates Lamine Yamal and Nico Williams (Florencia Tan Jun/Getty Images)

Another issue behind the choice to not re-sign Munoz was monetary. Madrid’s cope with Osasuna final 12 months additionally included a 50 per cent sell-on clause, which means they might earn €20million if their launch clause was met.

Madrid’s board believes receiving a complete of round €26million (together with his €5million sale with add-ons in 2025) for a participant who made simply 4 first-team appearances represents good enterprise.

Munoz can play on both wing and his versatility was admired, however each flanks are thought of to be coated by Vinicius Junior, Rodrygo (as soon as he returns from harm), Brahim Diaz, Franco Mastantuono (whom Mourinho likes) and Endrick.

Mourinho desires to strive the latter on the wing, the place he at occasions featured for Lyon on mortgage through the second half of this previous season, in addition to within the No 9 function. The versatile Bernardo Silva, who has just arrivedis another choice out huge.

As different switch priorities had been recognized, Madrid closed agreements with Ibrahima Konate and Silva (each free transfers), the €60million deal for Marc Cucurella and are able to spend €20m on Inter right-back Denzel Dumfries.

Madrid and Mourinho nonetheless want to land one other centre-back and yet another inventive midfielder. For this purpose, gross sales comparable to Munoz’s might be required.

Even nonetheless, not everybody sees it that merely, particularly within the academy.

While the board celebrates success, some coaches and employees consider it sends a disappointing message to the membership’s youthful gamers: even should you do very properly, making it into the primary crew is inconceivable.