Real Madrid’s October 1, 2026 submission of a 50,000-page dossier to UEFA has kept the Negreira investigation active without triggering a new formal proceeding or accelerated timeline. UEFA’s ethics inspectors are reviewing the material as part of the case opened in 2023, which was never closed and remains tied to the outcome of Spanish criminal proceedings expected to conclude by year-end 2026. Barcelona maintains it has received no fresh requests and continues to compete in European competitions under its provisional license. Analysts note UEFA’s deliberate pace, with any potential disciplinary decision likely deferred until after Spanish court clarity and possibly not before the 2027-28 season. This extended review process and dependence on external rulings shape current trader expectations around announcement timing.