The fiscal year ending June 30, 2025, recorded 86 million in salaries and 26 in depreciation and amortization, the result of massive investments in the transfer market that continued this year. The Hartono brothers cover the deficit

Como closed the books on its first season in Serie A with a loss of 105 million euros. Against 55 million in gross revenue (including 7 from player trading), expenses were nearly triple that amount (159). The lavish post-promotion transfer campaign drove the cost of the roster up to the levels of Serie A’s upper-middle class: 86 million in salaries and 26 in player transfer amortization, for a total of 112 million. Last year, only nine teams spent more: Inter, Juventus, Milan, Napoli, Roma, Atalanta, Fiorentina, Lazio, and Bologna. Tenth-largest budget, tenth place in the standings. It had long been clear that the league’s newcomer was no ordinary “provincial” club—ever since the Indonesian Hartono brothers (with a net worth of $50 billion) launched their expansion phase after climbing the Italian soccer ranks from Serie D. A review of the financial statements for 2024–25 is enlightening.

Investments in building the roster totaled 115 million across 24 transfers: 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, spending remained at similar levels. The payroll, meanwhile, skyrocketed: from 34 million in Serie B (still a luxury for the second division) to 86 million in Serie A. The characteristics of Como’s business model are also evident in the limited use of player trading: 7 million in revenue, of which 5 million came from capital gains on the sales of Bellemo, Ioannou, Odenthal, Ghidotti, and Semper. However, these revenues were wiped out by capital losses and write-downs, which amounted to 7 million and weighed down production costs—among which one item stands out: 7 million for player scouting, primarily related to data analytics services. Como’s directors clearly state that the net loss of 105 million is “a reflection of the planned investments in the sports and commercial sectors that were made by the club and are in line with the board of directors’ expectations.” The goal is “consolidation in the top division, which in turn will generate greater future revenues.”

the owners—  This is not the time for the Hartonos to spare any expense. As previously reported by Sports Predictions, a review of documents from the UK-based holding company Sent Entertainment revealed that the Indonesian owners’ total investments since 2019 amount to 335 million pounds, equivalent to 390 million euros. The British company Sent Entertainment controls Como and Sent Entertainment Italy, which supports the soccer club in managing its other operations: retail, the academy, digital initiatives, and facilities. Pending access to the Como Group’s consolidated financial statements, it should be noted that the Larian club’s revenue is not limited to the 48 million (excluding player transfers) reported in the company’s financial statements, but must also include the 13 million in revenue from Sent Entertainment Italy. Similarly, to fully capture the scale of the situation, one should not limit the analysis to Como’s 105 million loss: as of June 30, 2025, Sent Entertainment Italy had burned through another 26 million. This is because the Hartono brothers’ investments extend beyond the team to encompass all ancillary activities, with a view to developing the Como ecosystem, including connections to the lake. The shareholders injected 134 million into the club over the course of last season and 69 between July and the end of October (in addition to 44 million into Sent Entertainment Italy).
regulations—  This enormous injection of capital allows Como to avoid dependence on banks (zero financial debt) and maintain a positive net worth (32 million as of June 30, 2025), despite having accumulated 171 million in losses over the past three years. The project, as is well known, is a long-term one. We know that UEFA requires clubs participating in its competitions to be financially self-sufficient. Como will have to address this issue from the day it begins competing in European competitions. In the meantime, there are FIGC regulations to comply with: unlike in Nyon, the FIGC allows shareholders to intervene if financial parameters are exceeded. For example, regarding the squad cost ratio (the ratio of squad costs to revenue), which will take effect starting with the winter transfer window. The Hartono brothers will ensure that Como complies with these regulations.