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

Como's Stunning Rise to European Football Spotlight

The tagline on Como's Twitter profile states, "The most beautiful football in the most beautiful location." It's not just a boast. In Italy’s Serie A, few teams offer as captivating a spectacle. Just last Sunday, World Cup winner Daniele De Rossi admitted he hadn’t faced a stronger squad since taking charge of Genoa almost a year ago.

While the team impresses on the pitch, their home ground, Sinigaglia stadium, contrasts with the surroundings. This nearly century-old venue seats just 13,000 and despite some recent upgrades, its age is obvious. Yet, what it lacks in modernity, the location more than compensates: Sinigaglia rests on the shores of Lago di Como, one of the world’s most prestigious tourist spots.

This Thursday night, Como will make their Champions League debut against RB Leipzig. Unsurprisingly, tickets are scarce. So much so that club president Mirwan Suwarso and his executives have given up their seats so long-time fans can attend—a gesture reflecting the club's thoughtful management since the Djarum Group took over in 2019.

From Neglected Third Tier to European Stage

Back when the Djarum Group acquired Como, the club’s valuation was under €1 million. Suwarso now suggests it could surpass €1 billion. How did a small club climb from Serie C1 to competing with Europe’s elite so swiftly? And how far might they still go?

A Chance Encounter Sparks an Ambitious Project

Before the success story unfolded, Suwarso was searching for a football documentary subject in Italy, inspired by Serie A's popularity in Indonesia during the 1990s. Milan posed logistical challenges, but while scouting the area, Suwarso stumbled upon Como, describing it as a "happy coincidence." Despite Como 1907’s modest history and recent promotion to Serie C1, the club’s infrastructure showed serious wear.

"We are going to renovate the entire building and restore it," Suwarso declared during a video presentation featuring footage of the aging stadium.

He had found the perfect underdog story.

The Wise Approach

Money was never lacking—Djarum is led by billionaires Budi and Bambang Hartono—but knowing where to invest was key. Lacking experience managing a football club, Suwarso enlisted former England and Chelsea midfielder Dennis Wise.

Wise initially consulted for Como before becoming CEO and then president. When he arrived, the club lacked even a permanent training ground and had suffered two bankruptcies, with crowds barely reaching 800. He focused on increasing attendance, rebuilding community support, securing facilities, and reclaiming control of the youth academy.

"I had limited funds for transfers, so we relied heavily on loan deals," Wise recalled. "At one point, we had 14 loans to manage squad balance."

By 2021, Como had returned to Serie B, marking progress after their financial troubles.

Fabregas Joins the Vision

In summer 2022, World Cup winner Cesc Fabregas joined as player and shareholder, drawn by the project's potential rather than money, praising Wise's leadership. Fabregas shared the ambition to return Como to Serie A, achieved in 2024 for the first time in over twenty years.

Though officially assistant coach, Fabregas effectively led the team. After Wise's departure in summer 2024, he took full control of football operations, aligning closely with Suwarso's vision for big ambitions despite being a small club.

Betting Big to Climb Higher

Como didn’t just aim to survive in Serie A—they aimed to compete immediately, spending heavily. In their promotion season, operating costs (€52m) dwarfed revenues (€10m). Their net transfer spend topped €93 million in the first Serie A year and nearly €109 million the next.

The club’s motto seemed clear: speculate to accumulate. The gamble paid off with a surprising fourth-place finish last season and Champions League qualification, exceeding expectations.

Suwarso insists that qualifying for Europe wasn’t essential for financial survival. Instead, the focus remains on sustainable budgeting with hopes of profitability within two to three years.

Building a Brand Beyond Football

Antonio Di Cianni from Football Benchmark described Como’s model as unusual—building a club from lower leagues rather than buying an established one with strong revenues. Despite losses nearing €200 million over three seasons, they've secured promotion and Champions League football.

Plans to expand the stadium to 15-17,000 seats include improved hospitality, vital for matchday income. More importantly, Como leverages the global prestige of Lake Como through merchandising and licensing, tapping into a brand previously overlooked by owners.

A private members club charging €4,500 annually cultivates exclusivity. Hollywood celebrities such as Hugh Grant, Michael Fassbender, Keira Knightley, Benedict Cumberbatch, and Hugh Jackman have all been spotted at Sinigaglia—not through PR stunts but genuine interest sparked by the club’s exciting project.

Fabregas: The Driving Force

While other notable shareholders like Thierry Henry and Raphael Varane are involved, Fabregas remains the public face and football chief. Suwarso calls him the “CEO of football.” Decision-making happens collectively, but Fabregas shapes the team’s identity.

"The owners wanted front-footed football—not just to win but to entertain," Fabregas explained.

Como’s goal extends beyond football results. The club aims to turn matchdays into tourist attractions, much like Disney’s theme parks. Visitor numbers around Lake Como jumped from 1.6 million to 4.8 million in five years, offering huge commercial opportunities.

The club runs football academies attracting international players, sells merchandise worldwide (with 20% of sales abroad last year), and has grown retail presence significantly in the city and province.

Looking Ahead

Although Como isn’t yet close to the €1 billion valuation that would place them fourth among Serie A clubs, their revenue growth is impressive. Last season’s €50 million is expected to jump closer to €100 million with Champions League participation.

Sporting consistency remains a question mark: Can Como remain a Serie A mainstay and European contender? One poor season could undo much progress. Still, stadium renovations, growing commercial ventures, and a rising player market value—up from €288 million last September to €584.2 million today—signal forward momentum.

The billion-euro target may be long-term, but with football as attractive as the lake’s views, Como’s debut in Europe might just be the start of something bigger.

• Ownership: Djarum Group (since 2019)
• Stadium: Sinigaglia, capacity 13,000 (planned increase to 15-17,000)
• Recent league achievements: Promoted to Serie A in 2024 after 20+ years
• Transfer spending: Approx. -€93.35m (first Serie A year), -€108.79m (following season)
• Player market value: €584.2m (up from €288m in Sept 2023)
• Annual membership fee for private club: €4,500
• Tourism growth: From 1.6 million to 4.8 million visitors in 5 years
• Merchandise reach: Sold in 122 countries, 20% sales abroad in 2023