Como 1907 will face its first UEFA financial sustainability assessment in the 2027 spring cycle, as the club transitions into European competition. According to financial reports, the club’s recent spending—including a €60 million transfer for Nico Paz—has resulted in a cumulative three-year deficit that exceeds UEFA’s “football earnings” thresholds, making a future settlement agreement with regulators likely.
How UEFA Monitors Club Sustainability
Starting with the 2026-27 season, Como 1907 will fall under the jurisdiction of UEFA’s financial regulations due to their qualification for Champions League competition. According to UEFA rules, regulators evaluate a club’s financial health based on a rolling three-year window. For Como, the initial assessment in 2027 will examine fiscal years 2023-24, 2024-25, and 2025-26. The governing body enforces two primary constraints: the “football earnings rule,” which limits aggregate losses to €60 million over three years (soglia incrementabile fino a ulteriori 10 milioni per esercizio per i club che mostrano una buona salute finanziaria), and the “squad cost rule,” which caps spending on player wages, transfers, and agent fees at 70% of total revenue.
UEFA regulations allow for an additional €10 million in losses per year for clubs that show a good financial health, incentivizing capital injections from owners rather than reliance on indebtedness.
The Impact of Recent Financial Performance
Como’s financial trajectory shows a reliance on owner support. Data from club filings indicates a €50 million deficit during the 2023-24 season in Serie B, which widened to a €132 million consolidated loss in 2024-25, of which 105 million related to Como 1907 and the rest to collateral activities. For the fiscal year closing June 30, estimates indicate a relevant imbalance, not far from 100 million. Even when accounting for permitted deductions—such as investments in youth academies, women’s football, and infrastructure—the club’s total results for the three-year period remain above the regulatory ceiling.
Why a Settlement Agreement is Expected
The club is expected to enter a “settlement agreement” with UEFA to manage its transition into compliance. This is a common path for European clubs, including several major Italian sides that have previously navigated similar financial restructuring. Under such an agreement, Como would likely commit to a three-to-four-year plan to align their costs with revenue. This process may involve restrictions in the compilation of the UEFA list.
Pro Tip: The Role of Owner Capital
Since 2019, the Hartono family has injected €390 million into the parent company, Sent Entertainment. Because UEFA’s post-COVID rules favor capital contributions over indebtedness, these capital injections provide a way to cover losses, provided the club continues to show a path toward long-term sustainability.
Strategies for Future Revenue Growth
To reach financial independence, Como is focusing on diversifying revenue. The club’s business model involves building an ecosystem that includes real estate, digital platforms, and retail operations. Because the club cannot count on the catchment area of a large city, management is prioritizing the “player trading” model—which has had little impact so far—alongside the commercial and tourist exploitation of the lakefront location. Champions League participation, especially if repeated over time, will help.
Frequently Asked Questions
- Will Como face immediate exclusion from European competition?
The club is currently in an expansion phase. UEFA rules allow for a settlement agreement of three or four years. - Why are the club’s losses so high?
The losses reflect investment in the squad, such as the €60 million move for Nico Paz, and the startup costs of new business units, including the academy, shops, real estate, and digital. - What is the “squad cost rule”?
It is a UEFA regulation that mandates that a club’s expenditure on player wages, transfer amortizations, and agent fees cannot exceed 70% of its total revenue.
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