James Pearce has revealed the truth over claims that Liverpool’s agreement to sign Victor Munoz contains a clause allowing Real Madrid to buy him back in the future, while also revealing the hefty financial settlement the Reds have reached with Osasuna over the deal.
The Andoni Iraola era has kicked off at Anfield with the capture of Spain international winger Munoz after Liverpool agreed to meet the £34.7m (€40m, $46m) clause in his Osasuna contract to bring him to Merseyside.
While there are a few dots still to cross before the move becomes official, Munoz is effectively now a Liverpool player after agreeing personal terms over the switch and with the winger turning his back on Newcastle United, who have been left cursing their luck after almost wrapping up his signing themselves.
Munoz lit up the Estadio El Sadar during his single-season stay in Pamplona, scoring seven times in 37 appearances and adding five assists; form which earned him selection in Spain’s squad for the 2026 World Cup and, ultimately, transfer attention from English football’s big hitters.
However, little more than days after news of the agreement to bring him to Anfield was revealed, reports in Spain claimed the move came with a caveat: that Real Madrid can trigger a deal to bring the 22-year-old left winger back to the Bernabeu at a time of their choosing.
And while his move to Osasuna last summer did see Real retain 50% of his economic rights, respected journalist Pearce insists the move to Anfield does not give Los Blancos any such clause, though he has revealed a future option they retain in the deal.
Writing in The Athletic, he explained that Los Blancos “simply retain the right to match any offer in the event of Liverpool deciding to sell him in the future.”
Pearce also revealed Real “considered triggering” their €8million (£6.9m, $9.3m) buy-back option from Osasuna this summer, though ultimately decided against it, and thus allowing the Reds to step in.
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Pearce also revealed that, perhaps unusually, Liverpool have agreed to pay Osasuna the £34.7m fee over two instalments, rather than the more commonly seen amortisation over the entirety of a player’s contract. This stance perhaps explains how they managed to edge Newcastle out over his signing.
Munoz has agreed to a six-year deal at Anfield, though Premier League rules now only allow for amortisation over a maximum of five years.
While Liverpool still hope to add Yan Diomande to their mix – more on the Ivorian later – the addition of Munoz means Iraola is blessed with a vast array of wing talents.
Of course, Mohamed Salah has now departed, but Iraola can currently pick from the likes of Cody Gakpo, Rio Ngumoha, Federico Chiesa and Munoz. The dream addition of Diomande would give the Reds boss five possible options.
However, it seems there will be at least one more exit from the Reds attack this summer.
And while Liverpool have fielded tentative interest from Bayern Munich in Ngumoha, the winger will not be allowed to leave Anfield under any circumstances. In fact, the Reds are less than impressed that news of the German’s interest made it into the media and now plan to react by offering the winger a big-money extension.
One exit, though, that is on the cards is that of Chiesa.
Explaining how Munoz was signed and the now likely exit of Chiesa, journalist Ben Jacobs stated: “Muñoz was discussed with Andoni Iraola in early squad planning conversations, allowing the club to move quickly.
“The appeal is in Munoz’s ability to play left and right wing as well as centre-forward.
“This versatility also makes Liverpool feel Rio Ngumoha will still to get opportunities.
“Medical done on Wednesday after permission granted by the RFEF with Liverpool staff flying out to the United States.
“Munoz has agreed a six-year contract.
“Meanwhile, it is likely Federico Chiesa departs, even though his style is well-suited to Iraola’s system.
“Italian is looking for regular minutes.”
As for Diomande, Liverpool are ready to launch a second, improved bid for his services after Fabrizio Romano explained why their first bid fell short.
However, FSG have been given a major dilemma after learning the knee-trembling new price that has been stuck on the Ivorian winger’s head.
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