Como's Journey from €1 Million to €1 Billion Valuation in Under a Decade
From Modest Beginnings to European Glory
The tagline on Como's Twitter profile claims they offer "The most beautiful football in the most beautiful location." It's not just hype. In Italy, few teams are as captivating to watch as Como right now. Recently, World Cup winner Daniele De Rossi admitted he hasn't seen a stronger team since becoming Genoa's coach.
While their stadium, Sinigaglia, is almost a century old and seats just 13,000, its charm lies beyond the stands. Nestled by the stunning Lago di Como, one of Italy’s—and the world's—most prestigious tourist spots, it offers an unrivaled setting for football. This Thursday, Como will make their Champions League debut against RB Leipzig. Tickets are so sought-after that president Mirwan Suwarso and club executives gave up their seats to longtime supporters, a gesture showcasing the club's thoughtful leadership since Djarum Group acquired the club in 2019.
Discovering Potential in Unexpected Places
Suwarso’s original plan was to film a football documentary in Italy. While scouting Milan, he stumbled upon Como 1907, a club recently promoted to Serie C1 but struggling with aging infrastructure. He saw opportunity where others might see decay. "We are going to renovate the entire building," he announced, aiming to restore the club to better days.
Building Foundations with Experience
Money wasn’t the problem for Como. The wealthy Harton brothers backed the club, but football operations needed expertise. Enter Dennis Wise, former England and Chelsea midfielder, who began as a consultant before becoming CEO and president. Wise took full control, rebuilding everything from the ground up. At takeover, Como lacked even a permanent training ground, had low attendances, and had twice faced bankruptcy.
"I took total control of the football club, from top to bottom... There wasn’t much money to spend, so I had to make smart deals. We had 14 loans at one point," Wise recalled. "Suddenly, things started to grow."
Fabregas Joins the Project
By 2021, Como returned to Serie B. The next summer, Cesc Fabregas joined as player and shareholder, brought in with Wise’s help. Fabregas said, "I didn’t care about money; I wanted a project that excited me. I see a long-term future here." Under his influence, the team earned promotion to Serie A in 2024 after more than 20 years away.
Fabregas effectively managed the team while gaining coaching credentials. Wise left the club in mid-2024, acknowledging that the club would follow Fabregas' direction. Suwarso and Fabregas remained aligned, both aiming high despite the club's modest size.
Spending Big to Climb Fast
Como wasted no time investing heavily to compete immediately. Their operating costs during promotion season were five times their revenue, and in Serie A, they recorded transfer deficits exceeding €90 million and then nearly €109 million the following year. Their motto: speculate to accumulate.
Fabregas led Como to a surprising fourth-place finish last season, defying expectations. Still, Suwarso insists qualifying for the Champions League wasn't a financial necessity but a byproduct of their sustainable budgeting and profitability goals.
Leveraging Lake Como’s Prestige
Antonio Di Cianni from Football Benchmark explains that losses are expected given Como’s unique path from lower leagues. Unlike traditional clubs with solid revenue streams, they’re essentially building a new club from scratch, investing nearly €200 million over three seasons.
The small stadium limits capacity, but renovations aim to increase it to 15-17,000, adding lucrative hospitality areas. More importantly, Como taps into the globally recognized Lake Como brand for merchandising and licensing. Past owners missed this chance, but now there’s a private members club with a €4,500 yearly fee, cultivating exclusivity.
Celebrity visits have been a bonus rather than a PR stunt. Stars like Hugh Grant, Michael Fassbender, Keira Knightley, and Benedict Cumberbatch have attended matches on their own accord, drawn by the exciting project Fabregas is building.
Fabregas: The CEO of Football
Fabregas is the face and driving force of Como. Other shareholders include Thierry Henry and Raphael Varane, but Fabregas leads football decisions alongside the board and executives.
"We make decisions as a committee using the DNA we’ve built," Suwarso told Gazzetta dello Sport. "Fabregas has been fundamental in shaping that identity."
The style is attacking and entertaining, designed to attract players and tourists alike. With Como city housing around 82,000 people but welcoming millions of tourists yearly, Suwarso envisions the club as a tourist attraction, akin to a theme park experience blending football and Lake Como’s allure.
The club now sells tickets in over 122 countries, with foreign sales representing a growing share of merchandise revenue. From zero stores three years ago, there are now four in the city and hundreds of retail points nearby. Their aim is to convert millions of seasonal visitors into a far larger global fanbase, which could bring profitability within eight years.
Challenges and Ambitions Ahead
Despite progress, Como still depends heavily on transfers to build competitive squads, as their youth academy development is in early stages. The €1 billion valuation target remains ambitious. Football Benchmark ranks that valuation fourth in Serie A behind Inter, Juventus, and AC Milan but above Napoli.
- Como's 24-25 Revenue: Approximately €50 million
- Expected Champions League Revenue: €30-40 million
- Player Market Value (Recent): €584.2 million, up from €288 million last September
Maintaining consistent results will be key to sustaining growth. Questions remain about long-term Serie A stability and European qualification consistency. Nevertheless, stadium upgrades and commercial activities suggest the club is moving in the right direction.
Player trading may become more central to balancing finances under UEFA rules. Recent signings like Moise Kean and Trevoh Chalobah have raised squad value substantially.
If the club keeps delivering football as appealing as its lakeside backdrop, Como’s Champions League journey is only beginning.
