What happened: Newcastle United has submitted a bid exceeding €30 million for Víctor Muñoz, prompting Real Madrid to waive their buy-back option. The Magpies are confident in securing the 22-year-old winger following his breakout season in La Liga.

Why it matters: By declining the buy-back, Real Madrid ensures a significant windfall of over €17 million due to a 50% sell-on clause. This move continues a trend of high-value roster management for Real Madrid as they recalibrate their squad for the 2026-27 season. For Newcastle, Muñoz represents a key addition to their attacking rotation following a mid-table finish.

What to watch: Expect finalization of the deal once Muñoz concludes his World Cup duties with the Spain national team. Medical tests are anticipated to take place at the Spanish training camp in North America.