Como's Meteoric Rise: From Serie D to Champions League Contenders

Just seven years ago, Italian football club Como was competing in Serie D, the fourth tier of the sport, and had endured three bankruptcies between 2004 and 2017. Now, the club stands on the cusp of playing in the Champions League, a remarkable ascent fueled by ambitious ownership, strategic investment, and a unique business model.

The transformation began in 2019 when Indonesian billionaire brothers Robert Budi Hartono and Michael Bambang Hartono, who amassed their fortune in the tobacco industry, acquired the club for approximately $850,000 through their Djarum Group. With a combined net worth estimated at $48 billion at the time, they instantly made Como one of the wealthiest clubs in Italian football.

Unlike approaches that prioritize immediate success through lavish spending, Como adopted a measured strategy. The owners focused on developing infrastructure, improving recruitment, and establishing a distinct footballing identity. Italian football expert Daniele Verri noted, "They just went step-by-step and they’ve done it really well... they are still doing it well." The club rapidly climbed through the Italian football leagues, achieving promotion from Serie D in 2019, winning Serie C in 2021, and securing a return to Serie A after a 21-year absence with a second-place finish in Serie B in 2024.

Following a tenth-place finish in the 2024-25 season, Como secured fourth place last term, qualifying for the Champions League. The club recently renovated their Stadio Giuseppe Sinigaglia, situated on the shores of Lake Como, to meet the requirements for hosting European fixtures. This stadium improvement, often complicated by bureaucratic hurdles in Italy, highlights the club's efficient management.

At the helm is former Arsenal, Barcelona, and Chelsea midfielder Cesc Fabregas, who has emerged as a prominent young coach. Fabregas, also a minority shareholder, has cultivated a team known for its possession-based play, intensity, and attractive style. His connections within Spanish football have been instrumental in the transfer market, enabling Como to acquire top young talent, such as Argentina international Nico Paz from Real Madrid and Greek forward Anastasios Douvikas from Celta Vigo. Other notable young players in the squad include Maximo Perrone and Jacobo Ramon, while recent additions like Moise Kean, Robert Sanchez, and Trevoh Chalobah underscore the club's growing appeal.

Como's recruitment strategy is underpinned by data analytics, leveraging the expertise of Jamestown Analytics, a firm known for its work with Brighton & Hove Albion. Italian football expert Daniele Verri commented on the club's project, stating, "Everyone recognises they play a nice brand of football, and they've done it step-by-step up the ladder. They never bought a title and have always brought in players who were pivotal for the project."

Beyond Fabregas and the ownership, former Wimbledon and Chelsea player Dennis Wise played a crucial role in establishing the club's foundations. Initially a technical consultant, Wise became CEO in 2021, overseeing the development of new training facilities and the rebuilding of the youth academy. He was also instrumental in persuading Fabregas to join the club. Thierry Henry is another minority shareholder, contributing global prestige to the project without direct involvement in daily operations.

Como's ambition extends beyond the football pitch. Club president Mirwan Suwarso has outlined a business model that parallels Disney, with the football club serving as the centerpiece of a broader commercial network. This includes merchandising, licensing, fashion, hospitality, travel, and tourism, all leveraging the international appeal of Lake Como. Suwarso stated, "We want to play good football and win, but Como is also a lifestyle destination. Ignoring this would be a mistake."

This strategy has allowed the club to generate significant commercial revenue, with only 14% originating from Como itself. The club has launched its own streetwear and formal wear collections, attracting attention from celebrities such as Keira Knightley, Hugh Grant, Michael Fassbender, and Benedict Cumberbatch, further enhancing global visibility.

Verri believes Como's international positioning is key to its long-term success. "They are one of these new global projects," he said. "They are doing one of those new chic and trendy projects where they have a nice shirt, invite actors to games, and Como is a luxury place."

The club's rapid ascent raises questions about its ability to sustain its progress and challenge Italy's established elite. Verri suggests, "Why not? They've got the money to do so... the sky's the limit." However, he notes that squad depth and European commitments may present challenges for immediate title contention.

For Manchester United, the upcoming match against Como represents another demanding fixture. Como's recent performances, including a 4-1 victory over Leipzig in their Champions League opener before a loss to Feyenoord, indicate they will be a formidable opponent. Verri anticipates an engaging match, stating, "Fabregas will not change his approach and will go for the win. It will be a good game, Como are an attractive team and they run a lot."