Como's Journey from €1 Million to a €1 Billion Valuation in Under a Decade

From Small Beginnings to European Glory

Como has transformed remarkably, rising from a modest €850,000 valuation to potentially surpassing €1 billion within less than ten years. This lake-side club is now set to make its Champions League debut against RB Leipzig, marking an incredible ascent from Italy’s third tier to competing among Europe’s best.

A Stunning Location and a Unique Club

The club’s Sinigaglia stadium might only hold 13,000 fans and show signs of age despite renovations, but it boasts an unmatched setting by the stunning Lago di Como, one of Italy’s most famous tourist spots. The scenic backdrop contributes to the club’s appeal and helps explain why tickets for their upcoming Champions League match are highly sought after.

President Mirwan Suwarso and executives even gave up their seats so longtime supporters could attend, reflecting the board’s thoughtful approach since the Djarum Group took over in 2019.

How It All Started: An Italian Football Documentary Leads to Ownership

Suwarso initially searched for an Italian football documentary project. While exploring Milan, he stumbled upon Como 1907. Despite the club’s modest history and infrastructure challenges, Suwarso saw potential and promised to renovate the facilities, sparking the beginning of a dramatic turnaround.

Building a Professional Setup with Dennis Wise

Money was not a problem thanks to the wealthy Harton brothers leading the Djarum Group, but experience was. Suwarso brought in former England and Chelsea midfielder Dennis Wise to help manage the club’s transformation. Wise took control of the club’s operations, securing a training ground, creating an academy, and increasing fan engagement when crowds had dwindled to just 800.

Wise described having limited transfer funds early on, relying heavily on loan players to strengthen the squad. Despite these hurdles, the club’s growth began to accelerate.

Cesc Fàbregas Joins the Project

By 2021, Como returned to Serie B. The following year, World Cup winner Cesc Fàbregas joined as both a player and shareholder, later becoming head coach. His involvement symbolized the club’s ambition. Fàbregas stated he joined because he believed in the project, not for financial gain.

Under Fàbregas’ leadership, Como earned promotion to Serie A in 2024 for the first time in over 20 years. Though officially listed as an assistant at first due to coaching license requirements, it was clear he was guiding the team’s success.

Spending Big and Winning Big

Como’s owners were not content with mere survival in Serie A; they aimed to compete immediately, investing heavily. During their promotion season in Serie B, operating costs were five times revenue. In Serie A, their net transfer spending exceeded €93 million one season and nearly €109 million the next.

The philosophy was clear: invest boldly to build success. Their gamble paid off with a surprising fourth-place finish, securing Champions League qualification. Suwarso emphasized that qualifying for Europe was not a financial necessity but a result of sustainable budgeting and long-term vision.

Building a Brand Beyond Football

Como’s appeal extends beyond the pitch. The club is leveraging the prestige of Lake Como to attract tourists and fans worldwide. Celebrities such as Hugh Grant, Michael Fassbender, Keira Knightley, and Benedict Cumberbatch have been spotted at matches, drawn organically rather than through publicity stunts.

The club has developed exclusive offerings like a private members club charging €4,500 annually, and merchandise sales are expanding rapidly, including international markets like the U.S.

Fàbregas: The Face and Brain of Como

While other notable shareholders include Thierry Henry and Raphael Varane, Fàbregas is the driving force behind the club’s footballing identity and strategy. Suwarso describes him as Como’s “CEO of football,” heavily involved in all sporting decisions alongside the board and executives.

From the start, the focus was on entertaining, attacking football, designed to attract players and tourists alike. With around 4.8 million tourists visiting the area annually, the club aims to turn this into a major revenue stream, likening their approach to Disney’s theme park model but with football at its core.

Challenges and Future Prospects

Despite their rise, Como still depend on the transfer market while developing their youth sector. Their player market value surged to €584.2 million recently, more than doubling in less than a year due to new signings and revaluations.

Reaching a €1 billion valuation remains a medium- to long-term goal. It would position Como among Italy’s elite clubs, above Napoli but behind giants like Inter, Juventus, and AC Milan. Sporting consistency will be key—avoiding relegation and maintaining European qualifications will influence the club’s worth.

Improvements to the stadium and expanded revenue streams through tourism and merchandising suggest the club is moving steadily in the right direction.

A New Era at Sinigaglia

If the football on display matches the breathtaking surroundings, Como’s Champions League journey won’t be a one-time event. This small club from a picturesque lake town has ambitions as big as their beautiful location, and their story is just beginning.

• Club valuation in 2019: less than €1 million
• Current estimated club valuation: aiming for over €1 billion
• Stadium capacity: 13,000 (planned expansion to 15-17,000)
• Operating costs (Serie B promotion season): €52 million
• Operating revenue (same season): €10 million
• Net transfer spending: -€93.35 million (first Serie A season), -€108.79 million (following season)
• Player market value: €584.2 million (up from €288 million last September)
• Annual membership fee for private club: €4,500
• City population: approximately 82,000
• Tourists visiting Lake Como annually: 4.8 million