Como's Journey: From €1 Million to a €1 Billion Valuation in Under a Decade
Como's Stunning Rise from Modest Beginnings
Como describes itself on Twitter as offering "The most beautiful football in the most beautiful location." This isn’t an exaggeration. In Italy’s Serie A, few teams play with such flair. Just recently, World Cup winner Daniele De Rossi, managing Genoa, remarked that he had not faced a stronger side since taking charge.
The club's stadium, Sinigaglia, is small and nearly 100 years old with just 13,000 seats, yet its setting is breathtaking. Nestled by Lago di Como, one of the world’s most prestigious tourist spots, this charming location sets the stage for Como's Champions League debut against RB Leipzig.
Tickets are in high demand, so much so that president Mirwan Suwarso and executives sacrificed their own seats to accommodate longtime supporters. This gesture reflects the careful management since the Djarum Group took over in 2019.
From a Low Valuation to Big Ambitions
When Djarum Group acquired Como, the club was valued under €1 million. Suwarso believes it could soon exceed €1 billion. How did a small club from Italy’s third tier transform into a European contender so quickly? The story involves vision, investment, and smart leadership.
An Unexpected Start
Before the FX documentary Welcome to Wrexham aired in 2022, Suwarso and colleagues planned a football series set in Italy. Serie A had huge popularity in Indonesia during the 1990s, but filming in big cities was complicated. While scouting Milan, Suwarso stumbled upon Como 1907. Though far from a football powerhouse, the club’s outdated facilities and recent promotion to Serie C1 made it a perfect underdog story.
"We aimed to renovate the entire building," Suwarso said, showing footage of the crumbling stadium. This marked the start of a transformation from near ruin to rebirth.
Bringing Experience to Como
Money was available thanks to the Harton brothers, Budi and Bambang, among the richest individuals worldwide. However, football expertise was needed. Enter Dennis Wise, former England and Chelsea midfielder, who initially advised Como before becoming CEO and then president.
"I took total control, employing everyone in the building," Wise told The Coaches Voice. "There was no training ground, bankruptcies had happened twice, and crowds were tiny. We had to build a fan base, secure facilities, and create an academy."
With limited transfer funds, Wise relied heavily on loan deals but gradually grew the club's standing.
Fabregas Joins the Project
By 2021, Como returned to Serie B. In 2022, World Cup winner Cesc Fabregas joined as player and shareholder, later stepping into coaching roles. Wise played a key role in recruiting him.
Fabregas said, "Dennis was the most convincing director I spoke with. I didn’t care about money; I wanted a project that excited me with a long-term future."
Fabregas and Suwarso shared the goal of Serie A promotion, achieved in 2024. Although Osian Roberts was formally head coach, Fabregas was effectively leading the team. When Wise left in summer 2024, he noted the club chose to follow Fabregas' direction.
Fabregas remarked, "We share the same vision to climb as high as possible. We’re still small but with very big ambitions."
Spending to Grow
Como wasn’t content with survival; they wanted success immediately. According to Football Benchmark, during their Serie B promotion season, operating costs (€52m) far exceeded revenue (€10m). Their net transfer spending was heavy: around -€93.35m in the first Serie A year and nearly -€108.79m the next.
The owners’ motto appeared to be "speculate to accumulate." This gamble paid off when Fabregas led the club to a surprising fourth-place finish last season, securing Champions League qualification.
Suwarso emphasized there was no financial pressure to qualify for Europe. "We don’t set specific sporting targets," he said. "We focus on profitability, aiming to balance the budget within two to three years."
Building the Brand and Attracting Celebrities
Como currently operates at a loss, which Antonio Di Cianni from Football Benchmark calls normal given their unique approach. Unlike traditional clubs with established revenues, Como is essentially a new club rising from the lower leagues.
They plan stadium upgrades to raise capacity from 13,000 to between 15,000 and 17,000, improving hospitality areas, a key revenue source. They also leverage the global prestige of Lake Como for merchandising and licensing. Previous owners missed this opportunity, but Djarum has launched initiatives including a private members club costing €4,500 annually.
This exclusivity helps attract celebrities. Over 18 months, stars like Hugh Grant, Michael Fassbender, Keira Knightley, Jeff Goldblum, Benedict Cumberbatch, and Hugh Jackman have visited Sinigaglia. Suwarso insists these visits weren’t orchestrated but occurred naturally due to the club’s exciting project.
Fabregas: The Face of Como Football
Fabregas is pivotal. Besides shareholders like Thierry Henry and board member Raphael Varane, Fabregas is the club’s "CEO of football," directing its football operations with full backing from ownership.
Suwarso explained, "We make decisions collectively, but Cesc has built the team's DNA. We want front-footed football that entertains rather than just wins to attract players and tourists."
Como’s city population is around 82,000, but tourism has grown from 1.6 million to 4.8 million visitors in five years. Suwarso compares the club to a theme park, integrating football and tourism to boost revenues.
They run an academy not only for club youth but also for visiting kids, attracting international attendees. Ticket sales reached 122 countries even in Serie B, with 20% of e-commerce sales abroad last year and 12% from the U.S. alone this year. Merchandise is now widespread locally, with four stores in town and 485 retail points province-wide.
Future Outlook and Challenges
Como isn’t yet fully self-sustaining. The squad remains dependent on transfers while youth development matures. The €1 billion valuation, which would place Como fourth in Serie A behind Inter, Juventus, and AC Milan but ahead of Napoli, remains aspirational.
Di Cianni notes the club generated about €50m revenue in 2024-25 and expects Champions League participation to add €30-40 million. Even so, consistent top-level results will be crucial. Questions remain whether Como can maintain Serie A status and regularly reach Europe or risk relegation setbacks.
The revamped stadium and diversified revenue streams move the club forward. Player trading will likely become more important to meet UEFA licensing rules. Currently, the combined market value of Como’s players is €584.2m, up from €288m last September, boosted by signings like Moise Kean and Trevoh Chalobah.
If progress continues, the billion-euro target could be realistic in the medium to long term, helped by the club’s unique synergy with the prestigious lake region.
In essence, if the football remains as stunning as the backdrop, Como's Champions League adventure may be just the beginning.
