Real Madrid have been tracking Sergio Martinez since January earlier this year, but the transfer has now reached the same sticking point it always seemed likely to hit. Racing Santander have a €3 million release clause in Martinez's contract, and Madrid are refusing to pay it. Racing also tied him down to a new deal until 2029.
The fee Real Madrid will not meet
Mario Cortegana of The Athletic, as quoted by madriduniversal.com, said: “Real Madrid are refusing to pay the €3 million release clause in Martinez’s contract at Racing Santander.” That is the key line in this story. Madrid like the player, but they do not appear willing to spend that money on a teenager.
The club's caution also fits the scale of what they are being asked to do. Real Madrid finished 2nd in La Liga in 2025 with 86 points, so this is not a club short on stature or options. It is a value decision. They are watching a player they have followed for months, but the reported price has not moved them.
Castilla is part of the calculation
The other part of the deal is the role plan. Cortegana also said: “If Real Madrid are successful in signing Martinez from Racing Santander, the club’s plan is to make him a part of the club’s reserve team, RM Castilla.”
That is a tougher sell for a player who has already broken into Racing's first team. Martinez started against Villarreal and scored in Racing Santander's opening-matchday draw. He is not being chased as a finished article, and Madrid's own plan makes that clear.
Racing Santander are projected at 10th in La Liga for 2026, which shows the level Martinez is coming from, but the key detail remains the same. Madrid want the player, not the clause, and they also want a pathway that begins with Castilla rather than the senior squad.
Written by Daniel Hartley with AI-assisted research, cross-checked against 1 outlet. How we work →
