Since the Hartono family’s acquisition in 2019, Como 1907 have moved quickly from Serie C to the top end of Serie A, with European qualification now in sight. Based in one of Italy’s most recognisable locations, with a stadium on the shores of Lake Como, the club has historically been associated more with its setting than its football. That is beginning to change. The rise on the pitch is now placing Como within the wider focus of the game, as the club emerges as a credible competitor among more established sides.
After securing promotion to the top flight, Como have continued to build. A 10th-place finish in 2024/25 has been followed by further progress this season, with the club, at the time of writing, sitting fifth and firmly in the race for UEFA Champions League qualification. This upward trajectory has been underpinned by sustained financial backing and a recruitment strategy focused on strengthening the squad over time, within an ownership model that combines significant capital with direct involvement from high-profile football figures, including Head Coach Cesc Fàbregas and minority shareholder Thierry Henry.
This analysis looks at how that model has taken shape across the club’s financial profile, transfer activity and squad value, and what it suggests for the club’s trajectory from here.
Financial profile reflects sustained ownership backing
Como’s recent financial trajectory reflects a deliberate acceptance of losses in order to accelerate sporting progression.
In the first two seasons following the Hartono acquisition, in Serie C, revenues were approximately €1 million per year, while costs ranged between €5 million and €7 million. During the three-year period in Serie B, revenues remained broadly stable at around €10 million, while costs increased significantly, rising to €52 million in 2023/24 as the club invested with promotion in sight.
Promotion to Serie A brought an immediate uplift in revenues. In 2024/25, revenues reached €49 million, driven primarily by television income of around €32 million, alongside a near tripling of matchday revenues and a 75% increase in commercial income. However, costs rose further to €118 million, resulting in a net loss of €105 million.
Across the last six financial years, Como have recorded cumulative losses of approximately €191 million. In total, the ownership has invested around €390 million into the club and related activities. Even with revenue growth following promotion, the model remains reliant on ownership support, with spending clearly prioritised to establish and maintain competitiveness at Serie A level.
Transfer activity has scaled with progression
The financial profile outlined above is directly reflected in Como’s transfer activity. Ownership investment has been used to progressively strengthen the squad, with spending increasing as the club moved closer to, and then established itself in, Serie A.
Across the last five seasons, Como have recorded a cumulative negative transfer balance of over €200 million. However, spending was initially limited. Transfer activity was effectively neutral in Serie C and remained low across the first two seasons in Serie B.
The shift came with promotion. In 2024/25, the club recorded a negative balance of €93 million, followed by a further €109 million in 2025/26. This reflects a clear step-up in investment once Serie A status had been secured.
In the first Serie A season, the summer window was used to build the core squad, with 11 signings at an average fee of €4.5 million and nine free transfers. Larger investments were made during the winter window, including Caqueret (€15 million), Douvikas (€13 million) and Diao (€12 million). In 2025/26, the club continued to increase its spending, including higher individual fees such as Jesús Rodríguez (€22.5 million), Kühn (€19 million) and Baturina (€18 million).
The age profile of recruitment highlights the clear strategy focused on acquiring and developing young talent. Since 2019/20, €78 million has been invested in transfer fees in players aged 21 and under, with a further €76 million in players aged 22 to 24. By contrast, there has been no transfer fee spending on players aged 31 or above. The squad has therefore been built largely around younger players, combining immediate contribution with the potential for future value growth.
In terms of nationality, Spain represents the largest share of transfer spending (€45 million), followed by Germany (€29.5 million) and Italy (€27.2 million). The weighting towards Spanish players reflects, in part, the influence of Head Coach and minority shareholder Cesc Fàbregas, who has garnered plaudits across the industry during his time in charge of the team. Italian players account for a significant number of signings over time, but investment has been spread across smaller deals, and few have established themselves as regular starters.
Squad value growth has been significant
The scale and structure of transfer investment is now reflected in the squad’s market value, which has increased significantly since the change in ownership.
Based on Football Benchmark’s proprietary Player Valuation methodology, the squad was valued at €3 million in September 2019, shortly after the Hartono family acquired the club. By February 2026, that figure had risen to €330 million, highlighting the extent of the transformation over this period.
Part of this growth reflects the higher level of investment required to compete in the top division. However, the continued increase in value, including a further €40 million during the current season, also reflects player development and on-pitch performance. The squad has improved collectively, with several players increasing their individual market values as a result of regular playing time and performances within a clearly defined system under Cesc Fàbregas.
This is also visible when looking at a representative starting XI based on the most frequently used players this season. The current line-up has an estimated acquisition cost of €91 million and a market value of €215 million as of February 2026, implying a revaluation of the core asset base of €124 million.
The largest uplifts between acquisition cost and current Football Benchmark market valuations are seen in players such as Nicolás Paz (+€68 million), Martin Baturina (+€18 million) and Jacobo Ramón (+€14 million). Paz is currently the most valuable player in the squad at approximately €74 million, followed by Baturina (€36 million) and Jesús Rodríguez (€28 million).
To date, this increase in value has not yet translated into significant player sales. However, the squad now holds a materially higher market value than its acquisition cost, providing the basis for potential value realisation going forward.
Turning a rapid rise into long-term sustainability
Ownership funding has underpinned a rapid climb through the divisions, transfer spending has scaled meaningfully once top flight status was secured, and the squad now carries a market value far above the level seen at the start of the project.
The next phase is not only about how far Como can climb the sporting ladder but whether the club can translate ownership-backed growth into a model that remains competitive and increasingly sustainable as the level rises. The current financial profile still reflects a club supported by ownership funding, almost as if in a start-up phase, rather than one operating on a fully self-sustaining basis. As the club moves closer to participation in European competitions, this transition becomes more critical, with UEFA’s regulatory framework placing increased emphasis on the alignment between revenue generation and cost structures.
The medium- to long-term vision is to increase and diversify revenue streams. A noteworthy example is the retail and merchandising business, including luxury and lifestyle segments, where clothing, accessories, and merchandise are branded with Como and lake-related imagery. There is also “La Comasca” beer, which the club aims to distribute in the UK and the US. The diversification of the catalogue is such that match jerseys now account for only 40% of total sales. In addition to stores in the city and along the lakefront, temporary shops were opened in Milan and Cortina during the Winter Olympics. Meanwhile, a travel agency offers international visitors exclusive packages combining football and tourism. Another recent initiative includes the inauguration of “The Club on the Lake,” a private members’ club with an annual membership fee of €4,500.
The biggest challenge remains the redevelopment of the Sinigaglia Stadium, a complex process involving heritage authorities and local institutions, with hopes of completion by 2028.
Football Benchmark supports clubs and investors through independent advisory and intelligence services, linking financial and sporting dynamics across the organisation to support strategic decision-making. Through benchmarking and market insight, we help identify the approaches that can deliver long-term, sustainable value.
