10 September 2026

Serie A club Como registered a commanding and convincing 4-1 victory against Leipzig on a historic Champions League night for Cesc Fabregas’ team. The result is massive for the lakeside side, but it could also go down as a turning point for Italian football.

It is not as though Calcio has never seen clubs outside the traditional powers such as Milan, Inter, Juventus or even Roma perform strongly in Europe. Atalanta have won the Europa League, while Fiorentina reached two Conference League finals. Even Lazio have featured in the Champions League quite regularly over the last few years.

But none of them have done it in quite the same way as Como are doing now. To be fair, Fabregas’ side had plenty of critics not very long ago. They were accused of spending beyond what Italian football is generally accustomed to. Their self-promotion was closely tied to Lake Como’s appeal as a tourism destination, and they were often looked down upon for bringing in non-sporting celebrities from the western world, possibly to boost their valuation. But the victory over Leipzig — a match in which Como played as though they had been part of the Champions League for years — will now always stand as proof that the model works.

Appropriately, it was Luis Milla who controlled the midfield. He joined the club for €6m, which slightly contradicts the criticism they have faced about excessive spending.

That said, owner Mirwan Suwarso has indeed invested heavily in players such as Martin Baturina, Nico Paz, Assane Diao and even Trevoh Chalobah. Normally, Serie A clubs do not operate in the market with this kind of fearlessness, but Como have embraced that risk quite openly. At the same time, they have done so only after balancing the risk and the reward.

The foundation of their success lies in a clear and stable footballing identity under Cesc Fabregas. When it comes to what happens on the pitch, the noise away from it simply fades, and the Leipzig game was an excellent example of that. They barely looked affected by the scale of the occasion. Football, and their identity on the pitch, became the only focus, and that stability is allowing them to benefit from the risks they have taken.

As a result, the valuations of their key players have multiplied several times over. But there is absolutely no pressure on them to sell because the club has a project that is moving in the right direction. The players, too, have little reason to leave, which is why there has not yet been a major departure.

That may change at some stage, but it will not damage Como in any way. Their talent recruitment has been outstanding, with Milla, Jacobo Ramos and Yan Couto serving as excellent examples. Having a core system in place makes it easier for players to develop and improve.

Stability, in particular, is a huge issue for Italian clubs apart from Inter. So many sides, including Milan, Juve, Lazio and now even Atalanta, are struggling to establish a stable identity. They are choosing desperate paths that leave them disappointed when they come up against European opposition. Como’s rise has arrived at a moment in history when Italian football needs a reminder of just how important it is to preserve an identity. Roma have a trump card in Gian Piero Gasperini in that respect, and Inter have understood this for years now.

Besides that, Calcio has painful stories of clubs fading away after playing in Serie A many years ago. Brescia are a notable example. Como are the complete opposite. Yes, their journey has involved significant investment. But while that funding has come with risk, having the right people in place for the right project has reduced any possible downside.

More than anything else, this win is a lesson for Italian football on how to make things work despite the league’s financial and structural shortcomings. It sends out a clear message that, yes, it can be done.