Como have spent around €406m on player transfers since the 2023/24 season as the Hartono family continues to finance an aggressive growth strategy, but the club’s rising costs and accumulated losses are bringing UEFA financial regulations increasingly into focus.
The Italian club’s spending has accelerated sharply since promotion to Serie A. Como spent around €14m in Serie B in 2023/24, followed by €100m in their first Serie A season, €127m in 2025/26 and a further €165m during the transfer window that closed earlier this month.
The increase in transfer spending has been accompanied by a significant rise in the club’s operating costs. Wages and amortisation increased from around €30m in 2023/24 to approximately €80m in 2024/25, with costs estimated at around €110m for 2025/26 and €140m for the current season.
Hartono family has invested €390m
The spending has been backed by Indonesia’s Hartono family, one of the country’s wealthiest business dynasties.
The family has invested approximately €390m in Sent Entertainment, the London-based holding company controlling Como, with much of that capital subsequently flowing into the football club.
Forbes estimates the Hartono family’s wealth at around $32bn. Robert Budi Hartono holds approximately half of that fortune, while the remainder is divided among the five children of Michael Hartono, who died in March.
The financial backing has allowed Como to absorb substantial losses during its expansion. Since 2020, the club has accumulated approximately €217m in losses, including a record €132m deficit for the financial year ended 30 June 2025.
The deficit for 2025/26 is expected to remain significant, at around €100m.
UEFA financial rules become the next test
Como’s rapid spending growth is now set to come under greater scrutiny from UEFA.
The club is expected to enter into a settlement agreement with UEFA around April or May 2027, establishing a timetable for bringing its finances closer to balance.
Player trading is likely to be an important part of the strategy. Como have several players whose potential future sales could generate significant accounting gains, including Assane Diao, whose book value is expected to fall to around €5m by June 2027, Martin Baturina at approximately €11m and Anastasios Douvikas at around €7m.
Champions League qualification could also play a critical role in the club’s financial plan.
Como’s victory over RB Leipzig has already secured a minimum €34m in Champions League-related revenue, providing an important boost to the club’s income and potentially reducing some of the pressure created by its high spending levels.
For the Hartonos, the next phase of Como’s project will therefore be less about the scale of investment and more about converting that investment into sustainable revenues, player-trading gains and European competition income while meeting UEFA’s financial requirements.