Madrid Hold Cards in Munoz Saga as Liverpool Complete Newcastle Snatch

The summer transfer window has delivered one of its juicier late-window dramas, with Liverpool swooping to hijack what appeared to be a done deal for Newcastle United. The prize? Víctor Munoz, the 22-year-old Spain international winger who looked destined for St James' Park before the Reds made their move.

Newcastle had seemingly wrapped things up. According to Sky Sports News, the Magpies had secured a fee of £29million plus £4.3million in add-ons from Osasuna, with Munoz having agreed personal terms and indicated his willingness to join. Agent fees were settled, and the club was preparing medical facilities in the United States for the final formalities. Everything pointed to a Newcastle announcement.

Then came the plot twist. Over the final 24 hours, Munoz's representatives instructed Newcastle to hold fire. Liverpool, who had maintained their interest throughout negotiations, seized the moment and activated a €40million (£34.7million) release clause in the player's Osasuna contract. The winger underwent his medical with the Premier League side and penned a six-year deal at Anfield.

Newcastle are understandably investigating what transpired during that crucial day, though the reality is straightforward: Munoz opted for Anfield over the North East.

Yet the story doesn't end with Liverpool's triumph. Real Madrid, who offloaded Munoz to Osasuna last summer, retain significant leverage in this arrangement. The picture remains somewhat muddied regarding the precise contractual terms, with conflicting reports emerging from rival sources.

Fabrizio Romano has stated unequivocally that Madrid possess no buy-back clause. However, they do hold a right of first refusal should Liverpool receive future offers for the winger. Madrid will also pocket €20million from the Osasuna-to-Liverpool transaction, representing a tidy return on their investment.

Spanish publication AS, meanwhile, reports a different scenario: that Liverpool have actually accepted a buy-back clause as a goodwill gesture towards the Spanish giants. The outlet claims Liverpool recognised that Madrid's combination of contractual rights could have prevented the deal altogether, hence the concession.

Should Madrid possess such a clause, they could theoretically reactivate it at the conclusion of Munoz's first Liverpool campaign. Even without an explicit buy-back arrangement, the right of first refusal remains a potent tool. If the winger flourishes under Andoni Iraola and attracts bids from rival clubs, Madrid can match any offer and bring him back to the Bernabéu.

Given Munoz's inclusion in Spain's 2026 World Cup squad and his demonstrated talent, such a scenario is far from fanciful. For Liverpool, the gamble is that his development at Anfield will be sufficient to either convince him to stay or command a fee that justifies the investment. For Madrid, they've essentially retained a safety net on a player they clearly rate highly.

Newcastle, meanwhile, are left to dust themselves off and reassess their summer recruitment plans.