Olympiacos Reactivate Puerta, But Racing Santander Draw €20 Million Line | OneFootball

Gustavo Puerta #14 of Colombia competes for the ball against Fabian Rieder #22 of Switzerland during the FIFA World Cup 2026 Round of 16 match between Switzerland and Colombia at BC Place Vancouver on July 07, 2026 in Vancouver, British Columbia, Canada. (Photo by Alex Grimm/Getty Images)

Gustavo Puerta never completely disappeared from Olympiacos’ midfield board. Now he appears to be moving back toward the center of it.

Kostas Nikolakopoulos reports that Olympiacos have renewed their interest in the Colombian midfielder after other options moved through different stages of negotiation.

What makes the story more important is what is simultaneously happening in Santander. Racing are not behaving like a club preparing to sell cheaply. They are behaving like a club preparing to keep him.

Racing are trying to change the negotiation before there is one

Cadena SER reports that Racing are preparing another improved contract for Puerta, potentially extending the duration and increasing the protection around a player they now regard as central to their project. AS independently describes the club’s policy in even clearer terms: Racing do not want to weaken the team and refer interested clubs toward release-clause-level money for players they consider important.

That means Olympiacos are not negotiating against a distressed seller. They are negotiating against a club with leverage.

€20m should be interpreted as a negotiating barrier, not automatically the sale price

The headline figure is significant, but a clause and a transaction value are not always the same thing. Racing may say €20m, Olympiacos may internally value Puerta much lower. The question is whether there exists a structure in between that changes Racing’s mind:

fixed fee;

achievable bonuses;

sell-on percentage;

payment installments;

or another mechanism.

But the Spanish reporting is important because Racing appear willing to keep the player if their valuation is not met. That weakens the buyer’s leverage.

Why would Olympiacos come back now?

Because Puerta solves a different problem from some of the other midfield names. Cristian Cásseres gives you activity and defensive coverage, Noah Cadiou gives you size and senior physicality.

Puerta offers:

progressive carrying;

technical comfort;

mobility;

age upside;

and the ability to develop into a valuable asset rather than simply arrive as a finished player.

At 23, Olympiacos would be buying a midfielder for the present and potentially for the market three years from now.

The NEC tie strengthened the case for exactly this type of player

Olympiacos’ problem against NEC was not simply losing duels. There were sequences where the team could win the ball but could not reliably carry possession through the next line or into the penalty area.

That is where a midfielder like Puerta becomes attractive. A progressive carrier changes defensive geometry.

He can:

receive under pressure;

turn;

advance the ball himself;

and force opponents to leave their shape.

That produces attacking advantages without requiring every progression to come through a perfect passing sequence. For Mendilibar—or whoever ultimately coaches Olympiacos—that can be extremely useful.

But €20m would radically change the risk calculation

At €8m, Puerta is a significant investment for a club like Olympiacos. At €12m, he becomes one of the club’s most expensive football investments. At €20m, he's the most expensive transfer in history.

That sort of expenditure demands one of two things:

immediate high-level impact;

or a very high probability of substantial future resale.

Olympiacos should not pay a clause simply because they like the player. The relevant question is whether their internal model sees Puerta as a player who could eventually justify that level of investment.

Benfica’s interest matters here

The earlier Benfica link becomes more important now. Multiple bidders create patience for the seller. If Racing believe Benfica may become active, why accept an early Olympiacos compromise?

They can wait.

That is exactly why re-entering this negotiation now is complicated. Olympiacos may need to establish very quickly whether the price they can realistically reach has any chance of succeeding. If not, the club has several other midfield profiles available.

Puerta’s own position could eventually become decisive

Cadena SER notes that the midfielder has publicly acknowledged uncertainty over where he will play. That is not a transfer request. It does suggest he is aware of the interest around him.

If Puerta ultimately identifies Olympiacos as the move he wants, that could influence negotiations. He is under contract, Racing is under control, he does not seem to be pushing for a move, and it does not erase a €20m contractual position.

This is therefore an excellent test of recruitment discipline

Olympiacos have money after over €60 million in sales with more on the way. They also have needs. Those two facts can become dangerous together after a painful Champions League elimination.

The club has to distinguish between: we want Puerta and we want Puerta at any price.

If Moncada believes Puerta is the midfielder worth stretching for, there may be a creative transaction available.

If Racing genuinely refuse meaningful negotiation below €20m, Olympiacos must be willing to move elsewhere.

Recruitment success is partly about landing your targets. It is also about knowing when not to. In this case, it is highly unlikely Olympiacos will make this move with their own resources. Unless a deal materializes with sister club Nottingham Forest as the vehicle, it is not a realistic case.