According to La Gazzetta dello Sport, Como will not be penalized by Financial Fair Play in the Nico Paz transfer, but will need to sign a settlement agreement with UEFA.

After qualifying for next season's Champions League, Como's negotiations with Real Madrid for Nico Paz were initially halted due to Financial Fair Play restrictions. Here's how they plan to complete the signing without facing sanctions:

"In spring 2027, officials in Nyon will review Como's financial documents for an initial assessment. They will base this on financial statements from the three most recent fiscal years: 2023-24, 2024-25, and 2025-26. Beyond having no overdue debts, the club's accumulated losses over three years cannot exceed €60 million; if the financial situation is good, this limit can be increased by €10 million per fiscal year. This is the so-called Football Profitability Rule. Additionally, first-team annual spending on wages, transfer amortization, and agent commissions cannot exceed 70% of total revenue (Squad Cost Rule). Based on approved financial statements, Como will certainly exceed these limits. In the 2023-24 season, the last in Serie B, the deficit reached €50 million; in the 2024-25 season, the first after promotion to Serie A, losses rose to a total of €132 million, of which Como 1907 itself accounted for €105 million, with the remainder coming from related-party transactions. For the fiscal year ending June 30, the situation should improve, as revenue growth will outpace costs, but our estimates show the imbalance remains significant, still close to €100 million. Even after removing expenses considered beneficial investments, such as youth academies, women's football, and infrastructure, the three-year total result will still far exceed the permitted limit," La Gazzetta dello Sport analyzed.

"Until then, Como will agree to a settlement agreement with UEFA for 3 to 4 years, as many clubs have done in the past. At that point, the club on the shores of Lake Como will need to strictly control costs, and the composition of the UEFA squad list will also need to be limited. The modifications introduced after the COVID-19 pandemic really encourage clubs to inject capital rather than accumulate debt, as the loss tolerance limit was increased, provided those losses are covered by shareholder financing. UEFA favors projects built on rational investment and shareholder support, which is exactly what Como intends to do. Since 2019, the Hartono family has injected €390 million into the British holding company Sent Entertainment, with the aim of providing the club with the necessary resources to increase competitiveness and build an ecosystem that diversifies revenue sources. As of June 30, 2025, Como Group's net assets are €54 million, with no bank debt."

"We are still in an expansion phase, and launching new businesses also brings additional costs, from youth academies to retail stores. The goal is to achieve sustainability in the medium and long term. For this, we must continue to perform well on the pitch, leveraging the commercial and tourist advantages of the lake region, since Como cannot rely on a large local fan base like teams in major cities. Player trading will also be crucial, which is another challenge: increasing revenue enough to cover costs. Champions League prize money, especially if obtained consistently, will help. In any case, for now, Como remains 'compliant' in UEFA's eyes," La Gazzetta dello Sport added.

Traduzido por IA.

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