The Argentine club Banfield and the Club Independiente signed a loan agreement for the transfer of the player Cazares. The agreement contained an option for the definitive transfer of the player.

The transfer contract provided: “a definitive purchase option of one hundred percent (100%) of the registration rights and fifty percent (50%) of the economic rights derived from the registration rights on the player’s transfer (...) for the amount of (...) U$S 1,500,000”. (...) 5.2. The price of the “Purchase Option” shall be paid by [the Claimant] in three quarterly, equal and consecutive installments of (...) U$S 500,000 (...) each, the first of which shall expire on January 30, 2016, the second on October 30, 2016 and the third on January 30, 2017. 5.3. The purchase...

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