How an Indonesian company created Europe’s hottest football club
Djarum-backed owners bought Como for a television project. Seven years later, the Italian club is playing Champions League football and expanding into fashion, travel and hospitality.
When Como’s Indonesian owners bought the club in 2019, they wanted to put young Indonesian footballers on television. The players would compete in Italy, and audiences back home would follow their progress.
Then Como won promotion. Restrictions on registering non-EU players in professional football stopped the plan, leaving the owners with a club whose ambitions and costs kept growing.
Seven years after the takeover, Como beat Manchester United 4–1 in the Champions League. Two weeks later, on November 4, they won 9–1 away to Lens, equalling the competition’s largest winning margin.
Behind those results is investment from Indonesia’s Hartono family, whose Djarum business group backed the purchase. The owners have financed new players while developing businesses that sell clothing, travel and hospitality around the club and Lake Como.
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A television plan changes
SENT Entertainment, a UK-based media and entertainment company backed by the family, acquired Como on April 4, 2019. The club was in Serie D, Italy’s fourth division, after financial problems had forced another restart in 2017.
“We bought the club, originally, for a TV station,” club president Mirwan Suwarso told The Observer.
Suwarso’s earlier programme, Garuda Select, followed Indonesian prospects playing European academy teams. Como was intended as a follow-up.
After the player-registration restrictions blocked that approach, the owners produced The American, a documentary following the club’s American chief executive. But television couldn't cover the rising costs.
“If we wanted to grow, it had to be a business,” Suwarso said.
Como won Serie D in 2019 and Serie C in 2021. Promotion from Serie B followed in 2024, returning the club to Italy’s top division after 21 years.
Fàbregas and the squad
Cesc Fàbregas joined as a player in 2022, when Como were still in Serie B. He later moved into coaching and became permanent head coach in July 2024, after serving as interim coach and assistant during the promotion campaign. Osian Roberts, who helped secure promotion, became head of development.
Under Fàbregas, Como finished fourth in Serie A in 2025–26 and qualified for the Champions League for the first time. Their squad includes Argentina midfielder Nico Paz, Croatia’s Martin Baturina and Senegal winger Assane Diao.
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The owners have spent heavily to support that progress. The Telegraph estimated Como’s net transfer spending across the previous two windows at around £130 million.
Fàbregas favours short passing and keeping possession. His team had completed more passes than any other Serie A side this season at the time of that report.
Selling more than football
The owners are also using Lake Como’s appeal to reach customers beyond the club’s supporters.
“We have to build what we own,” Suwarso told City AM, “and what we own is the location and the destination.” The club was already selling wider Lake Como merchandise while playing in the second division, he said.
Como appointed Rhude founder Rhuigi Villaseñor as chief brand officer and has developed clothing collections with the fashion label. Its commercial work includes collaborations with adidas.
Match packages have included yacht or seaplane transfers, while the club runs the Destination Calcio travel platform. Its merchandising operation also works with other European clubs.
These businesses are growing alongside substantial losses. Como reported a €105 million loss for the year to June 2025, according to accounts reviewed by Calcio e Finanza. Revenue reached €55.4 million, up from €9.8 million a year earlier. Costs rose to €158.6 million.
Shareholders contributed more than €133 million (US$149 million) during 2024–25 and another €69 million in the early months of the following season, the publication reported.
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Expanding the stadium
Como’s rise has also required changes to the Giuseppe Sinigaglia stadium. The club completed a new stand and infrastructure, safety and operational upgrades to secure approval for Champions League home matches this season.
A larger redevelopment remains in preparation. Como and the municipality presented initial plans with architects Populous in February 2025. On November 4, The Stadium Business reported that Suwarso said revised proposals were ready for submission to the city council.
The original schedule envisaged construction phases in October 2027 and August 2028. The revised project will go through the council’s approval process before the wider redevelopment can proceed.
This story is written and edited by the Global South World team, you can contact us here.
