Liverpool are up to their old tricks again—beating Newcastle United to another transfer target. They did it with Victor Muñoz, just as they have done with other targets in recent transfer windows.

Newcastle believed they had a deal in place for the 22-year-old after agreeing a fee with Osasuna and reaching personal terms with the player. Reports even suggested that Muñoz had turned down interest from Manchester United and Liverpool in favour of a move to St James’ Park.
Real Madrid, who retain 50% of the player’s transfer rights, were also involved in the negotiations. The Spanish giants opted against activating their buy-back clause but reportedly secured a 12-month option as part of Muñoz’s proposed move to Newcastle.
Everything appeared to be in place before reports emerged on Wednesday that Muñoz was instead heading to Liverpool after the Reds activated his £34.5million release clause.
Newcastle will investigate what went wrong
It was a sickening blow, given how quickly everything had progressed before suddenly grinding to a halt.
Sky Sports reporter Keith Downie posted on X that Liverpool had been in the race throughout rather than making a last-minute approach, and Newcastle are now trying to establish exactly what happened during the final stages of the negotiations.
According to Downie, Newcastle had agreed a deal worth ÂŁ29million plus ÂŁ4.3million in bonuses with Osasuna. Personal terms, agent fees and even plans for a medical in the United States had all been arranged.
However, Muñoz’s representatives asked Newcastle to pause proceedings during the final 24 hours. Liverpool then met the player’s ÂŁ34.5million release clause, payable in two instalments, and Muñoz ultimately chose a move to Anfield instead.
Newcastle fans are raging
Unsurprisingly, Newcastle supporters are furious after seeing another transfer target slip away.
The frustration isn’t simply about missing out on Muñoz. Rather, it’s the fact that Newcastle appeared to have done everything required to complete the signing, only for the deal to collapse at the final hurdle.
There will no doubt be plenty of finger-pointing, but the reality is that very few people outside the negotiations know exactly what changed during those decisive final hours. Judging by the latest reports, Newcastle themselves are still trying to piece everything together.
Even if the club’s investigation uncovers the full story, supporters may never learn exactly why the transfer fell apart.
Attention will now turn to Newcastle’s alternative winger targets as sporting director and recruitment staff look to recover quickly from another frustrating setback in the summer transfer window.