Como just pulled off one of the weirdest moves in Serie A history. They’re about to spend €60 million to keep Nico Paz at the club permanently. And they’re doing it while staring down a likely financial fair play violation from UEFA.
Here’s the setup. Real Madrid will trigger their €9 million buy-back option for Paz, the 21-year-old Argentine who tore it up for Como last season. Then Como will turn around and pay Madrid €60 million to bring him right back. The deal reportedly includes a €80 million buy-back clause for Madrid that only kicks in during the summer of 2027.
So how does a club that’s already projected to be deep in the red by UEFA’s standards justify dropping that kind of cash?
The Numbers Are Ugly
La Gazzetta dello Sport laid out the financials this week, and they’re not pretty. Como posted a €50 million loss in 2023-24. That ballooned to €132 million in 2024-25. Even with Champions League revenue coming in for the first time, the paper estimates losses for the current fiscal year (ending June 30) will still hover around €100 million.
UEFA’s sustainability rules cap losses at €60 million over a three-year rolling period. Como is going to blow past that by a lot. First-team expenses also can’t exceed 70% of revenue. Gazzetta says the club will inevitably exceed both limits.
But here’s the thing about Como’s owners. They’re the wealthiest group in Italian football. Since taking over in 2019, they’ve pumped a reported €390 million into the club. And unlike some clubs that are drowning in debt, Como has zero outstanding loans and more than €54 million in net assets.
The Settlement Game
According to reports, Como is already planning for what comes next. They’re looking at entering a settlement agreement with UEFA next spring, which is basically a probation period with spending restrictions for three or four years. Several Serie A clubs have done this recently. It’s not ideal but it’s not catastrophic either.
UEFA tends to go easier on clubs that can show they’re spending on rational investments — things like infrastructure and long-term player development — and on owners with a proven history of injecting cash rather than loading up debt. Como checks both boxes.
Also worth noting: Como would be first-time offenders if they breach the rules. That usually means a softer penalty.
The gamble here is pretty simple. Como believes that keeping Paz — who scored 12 goals and added 8 assists last season — gives them a better shot at staying competitive in the Champions League. More competitive means more revenue. More revenue means better compliance down the road. It’s a bet on the kid’s talent and the club’s ability to grow fast enough to outrun the regulators.
Whether it works is a question for next spring. But for now, Como is all in.
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