Como's Journey: From €1 Million to Nearly €1 Billion in Under a Decade

Como's Stunning Rise in European Football

The tagline on Como's Twitter reads, "The most beautiful football in the most beautiful location." This claim isn’t exaggerated. In Italy, no Serie A side currently offers a more captivating style of play. Just recently, World Cup winner Daniele De Rossi admitted he hadn’t encountered a stronger team since taking charge of Genoa nearly a year ago.

The club’s stadium, Sinigaglia, is small and almost a century old with a capacity of just 13,000. Though not modern, its location is breathtaking—nestled on the shores of Lago di Como, one of the world’s most prestigious tourist spots. This Thursday, Como will make their Champions League debut against RB Leipzig in this iconic setting.

Tickets are scarce, so much that president Mirwan Suwarso and other executives gave up their seats to some of the club's longest-standing supporters. It’s a thoughtful gesture and another example of the savvy leadership since the Djarum Group took over in 2019.

From Third Tier to Europe’s Elite

Back in 2019, the club was valued at less than €1 million. Now, Suwarso believes it could reach €1 billion. The question is how such a modest club climbed from Serie C to competing with Europe's best in under ten years—and what lies ahead.

An Unexpected Italian Discovery

Before FX’s Welcome to Wrexham aired in 2022, Suwarso and colleagues at Mola TV (a Djarum subsidiary) planned a football documentary set in Italy. Serie A had been wildly popular in Indonesia in the 1990s. Milan posed logistical challenges for filming, but during a visit there, Suwarso stumbled upon Como—an unpolished gem.

Despite Como's limited history in Serie A and recent promotion to Serie C1, their infrastructure was visibly struggling. Suwarso promised to renovate the stadium and revive the club's fortunes, spotting a classic rags-to-riches tale waiting to unfold.

Building a Professional Club

Money was no obstacle; the Djarum Group, led by billionaires Budi and Bambang Hartono, had deep pockets. Suwarso, new to running a football club, enlisted former England and Chelsea midfielder Dennis Wise for guidance. Wise initially consulted before becoming CEO and later president.

Wise recalled, "I took total control, employing everyone. The club lacked its own training ground and had gone bankrupt twice, with crowds barely hitting 800. Our focus was rebuilding community support, securing facilities, and bringing the academy in-house."

Funds were tight initially, leading to many loan signings as Wise worked to grow the club’s stature.

Fabregas Joins and Leads the Charge

By 2021, Como returned to Serie B after bankruptcy troubles. The following summer, World Cup winner Cesc Fabregas joined as player and shareholder, thanks in part to Wise’s influence. Fabregas said, "Dennis was the most convincing director I spoke to. I wasn’t motivated by money but by the project’s potential."

Fabregas transitioned quickly into coaching, unofficially leading the team by 2024 when Como earned promotion to Serie A for the first time in over twenty years. After Wise’s departure in 2024, he revealed the club wanted to follow Fabregas’s vision exclusively.

Fabregas and Suwarso remain aligned, sharing ambitions to climb higher. "We’re still a small club with very big aspirations," the Spaniard said.

Spending Big to Achieve Success

Como has not shied away from spending to compete immediately. During their Serie B promotion season, operating costs hit €52 million, five times their revenue of €10 million. Their net transfer losses topped €93 million and nearly €109 million in subsequent seasons.

Their motto: speculate to accumulate. This gamble paid off with an unexpected fourth-place Serie A finish last season, surprising even club owners. Suwarso insists Champions League qualification isn't a financial must, emphasizing sustainable budgeting aiming for profitability within two to three years.

Celebrity Spotlight and Brand Growth

Como remains loss-making, which Antonio Di Cianni of Football Benchmark says is typical for such a model. The club was rebuilt from lower leagues without existing strong revenue streams. Over three seasons, losses neared €200 million, yet they secured promotion and Champions League entry.

The stadium, though small, is being upgraded to hold 15,000-17,000 spectators, adding hospitality options that can boost matchday income. The club is also capitalizing on the prestigious Lake Como brand through merchandising and licensing.

They’ve established an exclusive private members club with a €4,500 annual fee to cultivate prestige. Celebrities like Michael Fassbender, Keira Knightley, Hugh Jackman, and Benedict Cumberbatch have visited Sinigaglia—not as PR stunts, but out of genuine interest sparked by the club's exciting project.

Fabregas: The Heart of the Project

Besides shareholders like Thierry Henry and board member Raphael Varane, Fabregas serves as the club’s football face, described by Suwarso as the “CEO of football.” He plays a key role in decisions made by an expanded football board that includes ownership and management staff.

The club prioritized entertaining football over pure results to attract players and tourists alike. With Como’s population just over 82,000, their real strength lies in the 4.8 million tourists who visit annually. Suwarso envisions Sinigaglia as a major tourist attraction, similar to a theme park within Disney’s business model.

They run football academies for visitors’ children and sell merchandise worldwide, with 20% of e-commerce sales coming from abroad last year and 12% from the U.S. alone this year. Four stores and nearly 500 retail points distribute products locally, blending football with tourism in an unprecedented way.

The Road Ahead

Despite Fabregas’s coaching skills, Como relies heavily on transfers while their youth academy develops. Player sales revenue remains limited, delaying the €1 billion valuation. Football Benchmark ranks that figure as fourth highest in Serie A, behind giants Inter, Juventus, and AC Milan but ahead of Napoli.

Di Cianni notes that Como generated about €50 million in 2024-25, well below Italy’s top earners. Champions League participation might add €30-40 million, potentially pushing revenues near €100 million this season. Yet a billion-euro valuation remains ambitious given sports unpredictability.

Questions linger: Can Como sustain Serie A stability? Will they regularly qualify for Europe? What if a bad season returns them to Serie B? Those outcomes greatly influence club value.

On the asset side, stadium renovations and diversified revenue streams are positive signs. Player trading will likely grow to help balance finances per UEFA requirements. Currently, the combined market value of Como’s squad stands at €584.2 million, up from €288 million last September, boosted by signings like Moise Kean and Trevoh Chalobah.

Though the billion-euro goal is long-term, continued success and leveraging their unique location could make it achievable. If the football keeps matching the beauty of their surroundings, Como’s Champions League journey may be just the beginning.