Como, loss of 105 million in first season in Serie A

Como closed the balance sheet of their first season in Serie A with a loss of 105 million euros. Compared to 55 million in gross turnover (including 7 million in player trading), expenses were almost triple (159). The sumptuous post-promotion purchasing campaign has increased the cost of the squad to the levels of the middle-upper class of Serie A: 86 million for salaries and 26 for amortization of cards, for a total of 112 million. Last year only nine teams spent more: Inter, Juve, Milan, Napoli, Roma, Atalanta, Fiorentina, Lazio and Bologna. Tenth budget, tenth position in the rankings. It has been understood for some time that the league’s rookie was not just any “provincial”, that is, since the Indonesian Hartono brothers (assets of 50 billion dollars) began the expansion phase after having climbed Italian football from Serie D. Reading the accounting document relating to 2024-25 is enlightening.

market

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Investments for the construction of the squad amounted to 115 million for 24 operations: 18 million for Baturina, 15 for Douvikas, 14 for Caqueret, 11 for Diao, 8 for Engelhardt, 6 for Nico Paz, 6 for Audero, 6 for Valle, 5 for Fadera, and so on. Last summer they remained at similar levels. The amount of wages then skyrocketed: from 34 million in Serie B (still a luxury for the cadetteria) to 86 million in Serie A. The characteristics of Como’s industrial cycle also emerge from the poor exploitation of player trading: 7 million in proceeds, of which 5 in capital gains from the sales of Bellemo, Ioannou, Odenthal, Ghidotti and Semper. Proceeds, however, pulverized by capital losses and devaluations, which account for 7 million and add to production costs, in which one item stands out: 7 million for the observation of footballers, mainly referring to data analytics services. The Como administrators clearly write that the budget result, negative for 105 million, is “the reflection of the planned investments in the sports and commercial areas that were made by the company and are in line with the expectations of the board of directors”. The objective is “consolidation in the top flight, which in turn will generate greater future revenues”.

the property

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This is not the time for the Hartonos to spare any expense. As already told by Journalby consulting the documents of the holding company Sent Entertainment, based in the United Kingdom, it was possible to ascertain that the overall investments of the Indonesian property, since 2019, amount to 335 million pounds, equivalent to 390 million euros. The British Sent Entertainment controls Como and the company Sent Entertainment Italy, which supports the football club in managing other businesses: shops, academy, digital, facilities. While waiting to have access to the consolidated statement of the Como group, it should be noted that the turnover of the Como club is not limited to the 48 million (net of player trading) reported in the company balance sheet, but must also take into account the 13 million in revenues of Sent Entertainment Italy. Likewise, to fully capture the dimensions of the phenomenon, one should not limit ourselves to the loss of 105 million of the Como company: Sent Entertainment Italy, as of 30 June 2025, has burned another 26. This is because the investments of the Hartono brothers are not limited to the team, but embrace all the collateral activities, with a view to developing the Como ecosystem, including the connections with the Lake. The shareholders paid 134 million into the club during the last season and 69 between July and the end of October (in addition to 44 million in Sent Entertainment Italy).

norms

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This enormous contribution allows Como not to depend on banks (zero financial debt) and to maintain a positive net worth (32 million as of 30 June 2025), despite having accumulated 171 million in losses in the last three years. The project, as we know, is long-term. We know that UEFA demands the self-sufficiency of the clubs participating in the cups. Como will face the problem from the day it begins to frequent European gardens. In the meantime, there are FIGC rules to respect: unlike Nyon, via Allegri allows shareholders to intervene in the event of exceeding the economic parameters. For example, for the squad cost ratio (the ratio between the cost of the squad and revenues), which will be in force starting from the winter window of the transfer market. The Hartono brothers will take care of getting Como in order.