UEFA's ongoing Negreira investigation, reactivated after Real Madrid's substantial October 2026 dossier submission, remains tied to the pace of Spanish criminal proceedings expected to wrap by late 2026 with a trial and potential verdict unfolding through 2027. This dependency on external court outcomes, combined with UEFA's history of proceeding cautiously on integrity matters without parallel domestic resolutions, makes a definitive guilty finding and sanction by the December 2027 deadline unlikely in traders' view. Barcelona continues competing in European competitions under provisional status while denying any new formal action, underscoring the deliberate, multi-layered review process that prioritizes full evidence assessment over accelerated rulings.