As the title states it seems that Real Madrid are missing a buyback option for Miguel Gutierrez (at girona) even though it was reported that there is one included in the deal made this past summer. Below you'll find a couple articles mentioning that a buyback clause was included in the deal.
-https://www.managingmadrid.com/2022/8/1/23287230/miguel-gutierrez-to-be-sold-to-girona-under-city-football-group-report
-https://getfootballnewsspain.com/real-madrid-and-girona-in-advanced-talks-for-miguel-gutierrez/
-https://www.marca.com/futbol/real-madrid/2022/08/01/62e7f0a522601db9578b45ce.html
When you attempt to complete a transfer that includes a player to be exchanged as you enter contract negotiations the wage of the player being exchanged does not get factored into the wage limit imposed on the contract negotiation by the board. So if you were to make a transfer without any wage budget left you aren't able to submit a solid offer to the player even though your wage bill overall will go down with the exchanged player going the other way. I feel as though I am not very writing this very coherently, please refer to screenshots below for my example. In this situation I am attempting to exchange Hazard for Pavard with Bayern, they have accepted the bid and am negotiating with Pavard. Pavard is asking for less money than Hazard is currently on but the board blocks me from accepting it. Even though I am overall under my wage cap.