By Andrea Caropreso
Index
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The exponential growth of the Como model is not only the result of its ownership — the Hartono brothers, among the richest in the world — but also of careful investments and long-term planning. It’s no coincidence that the Hartonos acquired Como when it was in Serie C and brought it back to the top tier within 4 years. Today, the Lombard club stands as one of the most solid ownerships in football, capable of resisting the advances of top clubs for its players and coach, while continuously raising the bar both on the sporting and financial side.
The 2024 Balance Sheet
Como closed the 2023/24 financial year with total revenues of €9.8 million, down from €12 million in 2022/23. This drop was mainly due to a partial reduction in commercial and sponsorship income. On the other hand, matchday revenues increased thanks to promotion, while total costs nearly doubled: from €30.4 million to about €57.5 million. This reflects the higher quality of the squad and the increased competitiveness required to face Serie A with strong ambitions.
Key 2023/24 figures:
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Total revenues: €9.8m (−18% YoY)
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Matchday income: €1.55m (+33% YoY)
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Sponsorship/commercial revenues: €0.65m (−52% YoY)
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Total costs: €57.5m (+89% YoY)
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Staff costs: €33.5m (+65% YoY)
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Amortization/depreciation: €5.7m (+612% YoY)
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Net loss: €47.7m
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Total debt: €42.1m
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Ownership funding: €45.5m
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Net equity: slightly positive at €3.9m
The wage bill alone rose to €29.3m for registered players, and €33m including all staff. Amortization on transfers also jumped to €5.7m, up sharply from just €0.8m the year before. However, the owners injected €45.5m during the season and a further €47m at the start of the new one, offsetting the higher expenses.
Projections for 2025
The 2024/25 season is seen as a turning point for Como’s project, marking the start of its financial consolidation.
Estimated 2025 figures:
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Total revenues: ≈ €18.5m
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Matchday: ≈ €2.0m
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Sponsorship/commercial/royalties: ≈ €1.2m
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Broadcasting/TV: ≈ €10m
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Player sales: ≈ €5.3m
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Total costs: ≈ €60m
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Wage bill: ≈ €34m
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Amortization: ≈ €6m
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Other operating costs: ≈ €20m
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Expected net result: ≈ − €41.5m
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Net equity: slightly positive (€0–5m)
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Total debt: above €40–45m
Revenues should grow to around €18–20m, thanks to higher matchday income and TV rights. Losses, however, are expected to remain around €40m due to the rising costs — a situation fully anticipated and covered by the ownership.
The Hartono Family’s Business Model
The Indonesian Hartono family — among the richest in Asia — has decided to invest heavily to secure Como’s position in Serie A. The rising costs are therefore part of a deliberate growth strategy.
The Hartonos, who own Bank Central Asia, Indonesia’s largest bank, are influential business figures. Beyond financial investment, they’ve worked to elevate Como’s brand: hosting VIPs at the Sinigaglia, building an international image, and even launching Como TV, a streaming platform broadcasting abroad to markets like the U.S. and U.K.
This approach reflects the evolution of football clubs into full-scale companies, focused on brand development, global visibility, and constant innovation.
