The fiscal year ending June 30, 2025, recorded 86 million euros in salaries and 26 million in amortization and depreciation, the result of massive investments in the transfer market that continued this year. The Hartono brothers cover the deficit
Como closed its first Serie A season with a loss of 105 million euros. Against 55 million in gross revenue (including 7 million from player trading), expenses were nearly triple that amount (159 million). The lavish post-promotion transfer campaign drove the squad’s cost up to the levels of Serie A’s upper-middle class: 86 million in salaries and 26 million in player amortization, for a total of 112 million. Last year, only nine teams spent more: Inter, Juve, 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—namely, since the Indonesian Hartono brothers (with a net worth of $50 billion) launched their expansion phase after climbing the Italian soccer ladder from Serie D. A review of the financial statements for 2024–25 is illuminating.
Investments in building the squad 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 cycle 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, with one item standing 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 ownership—  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 businesses: stores, the academy, digital operations, 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 (net of player trading) reported in the company’s financial statements, but must also account for the 13 million in revenue from Sent Entertainment Italy. Similarly, to fully capture the scale of the situation, one should not limit the view 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 are not limited to the team but encompass all ancillary activities, with a view to developing the Como ecosystem, including connections to the lake. Shareholders injected 134 million into the club over the course of last season and 69 million between July and the end of October (in addition to 44 million into Sent Entertainment Italy).
regulations—  This massive injection 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 financial self-sufficiency from clubs participating in European competitions. Como will face this challenge from the day it begins competing in European competitions. In the meantime, there are FIGC regulations to comply with: unlike in Nyon, Via Allegri allows shareholders to intervene in the event of breaches of economic parameters. 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 Como complies with the rules.