T he serene sound of lapping water is broken only by the whir of a seaplane engine swooping to land. Outside the hangar to which the aircraft will soon return, a crowd has gathered well before kick-off. Later, most will scale the steep steps of the adjacent Stadio Giuseppe Sinigaglia.

To the right sits Villa Carminati, a new private members’ club that also houses hospitality guests on matchdays. It is a unique setting for a unique football club. When bathed in sunshine, as was the case for last Sunday’s goalless draw with Napoli, Como 1907 is a waterside paradise. Or, as their president Mirwan Suwarso puts it when drawing parallels between the club and Disney, it is the “theme park” division of the “main brand … Lake Como”.

The scene now, though, is markedly different to when the Indonesian Djarum Group bought the club in 2019. Back then, after a series of bankruptcies, Como competed in a 168-team, nine-group, Serie D.…