Como are on the verge of completing one of the biggest transfers in Serie A history by agreeing a €60 million deal to keep Nico Paz permanently, but the move has raised questions over how the ambitious Italian club can continue spending so heavily while facing possible UEFA financial sustainability issues.
Reports in Italy claim Real Madrid are set to activate their €9 million buy-back clause for the Argentina international before immediately selling him back to Como for €60 million. The proposed agreement is also expected to include a new buy-back clause worth around €80 million, giving Madrid the option to re-sign the midfielder in the summer of 2027.
With the Hartono family backing Como through one of the wealthiest ownership groups in world football, funding the transfer is not considered the problem. Instead, attention has focused on whether the deal complies with UEFA’s financial sustainability regulations.
According to La Gazzetta dello Sport, the club is expected to exceed UEFA’s permitted financial limits once its accounts come under review next year. However, that scrutiny will only begin after Como’s qualification for the UEFA Champions League, meaning there is currently nothing preventing the club from completing the transfer.
UEFA will assess Como’s financial records during the spring of 2027 using results from the 2023-24, 2024-25 and 2025-26 seasons. Under the governing body’s financial sustainability rules, clubs competing in European competitions cannot exceed aggregate losses of €60 million over a three-year period, while spending on wages, transfer amortisation and agent fees must remain below 70 per cent of total revenue.
Italian reports suggest Como are unlikely to meet those thresholds. The club recorded losses of approximately €50 million during the 2023-24 campaign before posting a deficit of €132 million in 2024-25. Although revenues are expected to improve thanks to Champions League qualification, projections indicate the latest financial year could still end with losses close to €100 million.
Rather than facing immediate sanctions, Como are expected to negotiate a settlement agreement with UEFA if they breach the regulations. Similar agreements have previously been reached by several major European clubs, allowing them to reduce losses gradually over a three or four-year period while operating under agreed financial restrictions.
The club also has several factors working in its favour. Since taking control in 2019, the Hartono family has invested around €390 million into the project, while Como reportedly have no outstanding bank debt and maintain net assets of more than €54 million. UEFA has increasingly recognised owner-funded investment and long-term development projects when assessing clubs under its financial sustainability framework.
Como are also expected to benefit from being first-time participants in UEFA competitions. Italian financial experts believe the governing body is likely to adopt a constructive approach if the club enters a settlement agreement, particularly given its rapid rise from Serie B to Champions League qualification and its continued investment in infrastructure, youth development and commercial growth.
For now, the pursuit of Nico Paz remains on course. While UEFA scrutiny appears inevitable next year, Como’s owners believe the club’s long-term financial strategy, combined with increased Champions League income and future commercial expansion, will allow them to continue building one of Italy’s fastest-growing football projects.
