At the end of January Malaga tied Isco down to a new deal, the young player is happy at the club but the new contract put a higher buy-out clause on his head and provides a safety-net for Malaga as other clubs had been circling. He's been linked with many of Europe's major teams but Chelsea have appeared to be out-front in the speculation.
Indeed, also in January, Spanish broadsheet El Confidencial said that part of the deal sending Lucas Piazon on loan to the La Liga club included securing a first option for the Spanish international. They said at the time:
El Confidential have been told that Chelsea have reached a preferential agreement with Malaga (for Isco). So, the coaching team led by Rafa Benitez will have priority over other clubs when signing Isco.
It was less than two weeks after this that Malaga announced his new contract and given that he's agreed a new deal, it would be odd for Isco to leave as soon as the summer, that's unless the whole premise was to increase his buy-out clause. AS in Spain say that the clause increased from €21m to €35m and that of course gives the club a little more protection, the last thing they would want is to lose him for a fee which is less than they could attract otherwise.
Isco spoke to Spanish radio yesterday and although he confirmed a desire to continue with Malaga, he recognises that the club could be forced to sell him through financial issues and is quoted by Malaga Hoy as saying "We do not know what will happen in the summer. I have my head here, my future is in the hands of Malaga.
"If the club are planning to sell because they need the money, then I have no say. Everyone knows that the situation is difficult for the club and who knows what will happen."
He also said that it was a shame the owner of the club wasn't more involved, or as involved as he used to be. Although it was a lighthearted comment, Isco said it would be nice to know where the owner is, and perhaps see him at games.
Malaga have been surrounded by financial rumours for some time and if they were to get a good offer for Isco in the summer then his departure wouldn't come as a shock. It seems the player is aware of that himself, even though he'd probably prefer to stay in Spain.
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