The Italian lakes are a favourite destination for English tourists and many wealthy Milan residents have second homes there. One of my abiding memories is being hosted by the Rockefeller Foundation at their splendid centre in Bellagio.
Normally the likes of Como FC would not attract the
attention of the Swiss Ramble. But his
Zurich fastness is not far away and if he ever tears himself away from his
spreadsheets, he might well spend a weekend there.
Reading his analysis of Como FC they look a bit like Wrexham
iin the EFL. It also shows that
emerging countries are likely to be an increasing source of funds for football.
One of the big football stories in Italy has been the rise
of Como as they returned to Serie A after a 21-year absence, finishing in a
very creditable 10th place in their first season back in 2024/25. To date, this
season has been even more promising, as they are currently in 6th place, very
much involved in the race for European qualification.
The team has often dazzled under its young coach Cesc
Fabregas, who was appointed head coach in July 2024. The former Arsenal and
Barcelona midfielder had previously been part of a coaching partnership with
Welshman Osian Roberts, while he completed the required UEFA badges, which
worked well, as the dynamic duo led Como to promotion from Serie B.
Clearly, much of Como’s success has been built on the
substantial financial support from their owners, the Hartono brothers, who
bought the club in 2019.
The Indonesian businessmen are by some distance the
wealthiest owners in Italian football, worth around $50 bln according to some
estimates, thanks to their investments in sectors such as cigarettes,
e-commerce, electronics and real estate.
Just seven years ago Como were playing in Serie D, the
fourth tier of Italian football, so their ascent through the pyramid has been
striking. Following promotion in 2018/19, they spent two seasons in Serie C,
which incidentally includes 60 teams (three groups of 20), before going up in
2020/21.
The owners admit, ‘A football club in a city of 85,000
people has enormous difficulty becoming sustainable with football alone, but
we’re very fortunate to be located in a place where the city itself is a brand:
Lake Como is a global brand.”
Following promotion to Serie A, Como’s pre-tax loss more
than doubled from €47.8m to €105.1m, even though revenue significantly
increased from €9.8m to €50.2m. This was more than offset by a massive increase
in operating expenses, which shot up from €57.0m to €156.4m, which means that
these were more than three times as much as revenue.
Como’s average attendance shot up from 6,012 in Serie B to
10,524 in Serie A, while the number of season tickets sold more than doubled
from 3,160 to 6,453. However, to
continue the theme, this was still one of the lowest in the top flight, only
above Venezia, and far below the two clubs in the nearest metropolis: Milan
71,554 and Inter 70,129.
It is clear that the backing of Como’s wealthy owners has
given them a very competitive budget, perhaps best illustrated by their
promotion campaign in 2023/24, when their €34m wage bill was the third highest
in Serie B, only behind Sampdoria €49m and Parma €44m.
Como’s investment in the squad would not have been possible
without the owners providing significant sums of money to cover losses and fund
transfer spend via major injections of capital. This amounts to €290m to date, including
€134m last season and €69m since the accounts closed.
If Como do manage to qualify for Europe, as they hope, they
would have to comply with UEFA’s Financial Sustainability regulations, which
would be problematic.
Clearly, Como’s figures are the very opposite of
sustainability, dominated by large losses and high transfer spend, which has
only been made possible by the generosity of the club’s owners.
That said, it is difficult to see how a small, provincial
club could mount a serious challenge without such investment, especially if it
is considered to be part of a long-term project.
The club said that its figures in the short-term will depend
on sporting results and whether it can successfully monetise its assets,
including player sales. That is obviously true of all clubs, but Como have
specific plans around redeveloping the Sinigaglia stadium and making the most
of the commercial opportunities offered by their beautiful location.
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