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

From Lakeside Dreams to Champions League

The tagline on Como's Twitter reads, "The most beautiful football in the most beautiful location." This is no exaggeration. In Italy’s Serie A, few teams offer more thrilling play than Como right now. Even Genoa's manager, World Cup winner Daniele De Rossi, recently admitted he hasn't faced a stronger side since taking charge nearly a year ago.

Como’s home ground, Sinigaglia Stadium, holds just 13,000 fans and is approaching its centenary, with evident signs of age despite renovations. But its charm lies in the breathtaking setting by Lago di Como, one of Italy's—and the world’s—most prestigious tourist spots. This Thursday, Como will make their Champions League debut here against RB Leipzig.

Tickets are highly sought after, so much so that club president Mirwan Suwarso and executives gave up their seats for over 40 long-standing supporters—a gesture reflecting the club’s respectful culture under the ownership of the Djarum Group, who acquired Como in 2019.

From €850,000 to Potential €1 Billion

When Djarum took control, Como’s valuation was below €1 million. Now, Suwarso predicts it could exceed €1 billion. How did such a modest club ascend from Serie C to Europe’s elite so quickly? And how far might they climb?

A Football Documentary Sparks a Discovery

Years before the FX show "Welcome to Wrexham" aired in 2022, Suwarso and colleagues at Mola TV, a Djarum subsidiary, planned a football documentary in Italy. Serie A’s popularity in Indonesia made it an appealing subject. While scouting Milan for locations, Suwarso stumbled upon Como, describing it as a "happy coincidence." At the time, Como had just been promoted to Serie C1 but faced obvious infrastructural problems.

"We are going to renovate the entire building," Suwarso stated during a video presentation, showing the dilapidated stadium. He saw potential for a compelling rags-to-riches story.

Dennis Wise: The Architect of Professionalism

Money was abundant thanks to the wealthy Harton brothers, leaders of Djarum, but managing it wisely was another matter. Suwarso lacked football club management experience, so he enlisted former England and Chelsea midfielder Dennis Wise.

Wise initially consulted, then became CEO and eventually president. He recounted to The Coaches Voice how he took full control, hiring everyone and securing a training ground after years without one. The club had gone bankrupt twice, with crowds around 800.

"It was about improving supporter numbers, community engagement, getting a training ground, and rebuilding the academy," Wise explained. "We had no transfer budget, so we relied heavily on loans—14 at one point."

Fabregas Joins the Project

By 2021, Como returned to Serie B after bankruptcy. In 2022, World Cup winner Cesc Fabregas joined as player and shareholder, later becoming coach. Wise helped bring him in.

Fabregas said, "I didn't care about the money. I wanted a project that excited me. I see a long-term future for this club."

Under Fabregas’ leadership, the team earned promotion to Serie A in 2024 after over 20 years. Though officially assistant to Osian Roberts due to coaching license formalities, Fabregas effectively managed the squad. Wise left the club in summer 2024, citing the club's decision to follow Fabregas' direction and differences over financial control.

Fabregas and Suwarso remain aligned with ambitious goals. "We share the same vision to get as high as possible," Fabregas said. "We're still a small club but with very big ambitions."

Spending Big to Climb Fast

Como did not aim just to survive in Serie A but to win immediately, backing this with heavy spending. Football Benchmark data shows their operating costs (€52m) were over five times their revenue (€10m) during the Serie B promotion season. Their net transfer losses exceeded €93 million in their first Serie A year and nearly €109 million last season.

Their motto: speculate to accumulate. It has paid off, with Fabregas guiding them to a surprising fourth-place finish last season.

President Suwarso told Calcio E Finanza, "We don't set sporting targets. We view everything in terms of profitability, aiming to be profitable within two to three years by managing budgets sustainably."

Celebrity Fans and the Lake Como Brand

Como is currently loss-making, which experts say is normal given their unique model. Unlike established clubs with strong revenues, Djarum bought a lower-league team and rebuilt it from scratch.

They have invested heavily—net losses nearing €200 million over three seasons—but achieved promotion and Champions League qualification. The small stadium’s limited capacity is a challenge, though plans exist to expand to 15-17,000 seats and improve facilities, boosting matchday hospitality revenue.

The club leverages the globally recognized Lake Como brand, akin to Venice or Cinque Terre, which past owners failed to capitalize on. They even created a private members club charging €4,500 annually, cultivating exclusivity.

Hollywood stars like Hugh Grant, Michael Fassbender, Keira Knightley, Kate Beckinsale, Jeff Goldblum, Benedict Cumberbatch, and Hugh Jackman have visited Sinigaglia recently—not through PR efforts but drawn naturally by the club’s rising profile.

Fabregas: The Face of Como’s Vision

While Thierry Henry is among the shareholders and Raphael Varane serves on the board, Fabregas is the club’s public figure and "CEO of football," as Suwarso describes.

"Cesc is vital in executing our plan," Suwarso told Gazzetta dello Sport. "Decisions are made collectively, but Cesc built our football DNA."

The owners wanted entertaining, front-footed football, aiming not only to attract players but also tourists. With Como city hosting just 82,000 residents but millions of visitors, Suwarso envisioned transforming the club into a major local attraction.

"When I arrived, there were 1.6 million tourists; now it's 4.8 million. We want to generate revenue from this increase, similar to how Disney operates. For us, the football club and matchday are the theme park division," Suwarso explained.

The club runs a football academy catering to visitors, including summer programs for international kids, turning vacations into football experiences. Ticket sales reach over 120 countries, with 12% of e-commerce revenue from the U.S. alone. Merchandise is widespread, with four stores and nearly 500 retail points locally.

Looking Ahead: Growth and Challenges

Como still relies heavily on transfers to build a competitive team, awaiting returns from a revamped youth system. Reaching the €1 billion valuation remains a mid- to long-term goal. According to Football Benchmark, such a value would rank Como fourth in Serie A behind Inter, Juventus, and AC Milan, but above Napoli.

Antonio Di Cianni of Football Benchmark noted that Como generated roughly €50 million in 2024-25, well below Italy’s top clubs. Champions League participation could add €30-40 million, possibly pushing revenue close to €100 million this season.

Yet, a billion-euro valuation is ambitious given football’s unpredictability. Questions linger about Como’s ability to sustain Serie A status, compete consistently, and avoid relegation setbacks.

Facility upgrades and diversified revenue streams support growth, as does player trading, which will be important for UEFA licensing. Currently, Como’s squad market value is €584.2 million, doubling from €288 million the previous September, boosted by signings like Moise Kean and Trevoh Chalobah.

If the team maintains its exciting style against the stunning lakeside backdrop, Como’s inaugural Champions League journey might be just the beginning.