Liverpool’s €40 million move for Victor Munoz has sparked an uncomfortable debate within Real Madrid. 

On the surface, the operation looks like another successful piece of business for the Spanish giants. 

However, dig a little deeper, and the transfer has raised questions about the pathway from the academy to the first team.

Notably, Real Madrid had the opportunity to bring the winger back for just €8 million thanks to a buyback clause negotiated when he joined Osasuna. 

Instead, they stood aside and watched Liverpool trigger his full release clause.

The decision was not accidental. Rather, as explained by Mario Cortegana in The Athletic, it was a choice based on sporting priorities, squad planning and financial considerations. 

Yet not everyone inside Valdebebas appears convinced it was the right one.

Why Real Madrid allowed Victor Munoz to leave

While Munoz’s progress at Osasuna attracted attention across Spain, Real Madrid never considered him an urgent addition to Jose Mourinho’s squad. 

The reason is simple because the attacking department is already heavily stocked with both established stars and emerging talents.

The winger’s versatility was appreciated, particularly because he can operate on either flank, although the reality is that competition for those positions is fierce.

With Vinicius Jr., Rodrygo, Brahim Diaz, Endrick and Franco Mastantuono all expected to feature prominently once fully available, opportunities would have been limited from the outset.

Real Madrid could have signed him if…

Interestingly, the situation could have unfolded differently under other circumstances.

It must be remembered that Barcelona had shown interest in the player, and Real Madrid were determined to prevent one of their former academy products from ending up at their biggest rivals. 

It is said that if Barcelona had moved, Real Madrid could have retained the right of first refusal. Ultimately, that scenario never materialised.

Financial logic behind the decision

Furthermore, financially, Real Madrid believe they have extracted maximum value from the situation. 

The agreement negotiated with Osasuna included a 50 per cent sell-on clause, meaning Liverpool’s €40 million payment generated a significant return for Los Blancos.

When all elements of the operation are taken into account, including the original sale and various add-ons, the club expects to receive around €26 million.

For the board, that represents exceptional business.

Rather than spending €8 million to re-sign a player who would face enormous competition for minutes, Real Madrid opted to secure a substantial profit while maintaining squad stability, and the club is happy with that return.