Cesc Fàbregas is writing a Hollywood script at Como as film stars watch on | Nicky Bandini

The faces surrounding Cesc Fàbregas were glum, yet he spoke like a conquering general: bellowing praise at his troops as he strode among them, pointing at his eyes then pounding a fist into his open palm. “We devoured them! We devoured them! Keep going because this is only the start!”

It was another cinematic moment at a venue that has become a favourite for Hollywood stars. Keira Knightley, Hugh Grant, Michael Fassbender, Kate Beckinsale and Benedict Cumberbatch are but a few of the A-listers who have come to watch Como play this season at their Stadio Giuseppe Sinigaglia. All to see a team struggling in the bottom half of the Serie A table. You might not have guessed it from Fàbregas’s tone, but his team lost 2-1 to Atalanta on Saturday.

And yet the mood around this team is still triumphant. Those celebrity sightings are at once a testament to how the club has rebuilt and rebranded since being taken over by the Indonesian billionaire brothers, Robert and Michael Hartono in 2019, and a catalyst for further progress. Lake Como has long been a playground for the rich and famous but now its football club aspires to establish itself as an aspirational place for players to further their careers.

The appointment of Fàbregas himself might be viewed through the same lens: a footballing celebrity hired by Como’s then CEO, Dennis Wise, to lend this project a little star power. He had never held a coaching position before taking over the club’s Primavera (Under-19s) side in 2023. Yet we should be cautious of oversimplifying. Fàbregas’s involvement has layers.

Before he coached Como, the former Arsenal, Barcelona and Chelsea midfielder played for them, joining in the summer of 2022 and spending the last season of his career in Serie B. Essential to that move was the opportunity to own a minority share in the club. It is becoming common for sporting ownership groups to bring athletes on board – Milan’s owners, RedBird Capital, added Zlatan Ibrahimovic as a senior advisor last year – but Fàbregas’ position as a manager and stakeholder is still somewhat unique.

Dele Alli, who has joined Como on an 18-month deal, hugs Atalanta's Ademola Lookman after the game. Photograph: Daniele Mascolo/Reuters

Perhaps that sense of ownership helps explain the passion we saw on Saturday, or maybe that is just how he is wired. Either way, he is making an impression. Originally named as manager in November 2023, Fàbregas had to surrender the position after a month as he had not completed the relevant coaching qualifications. He served as assistant to Osian Roberts for the remainder of the campaign, before returning to the manager’s position in July.

The division of responsibility was not always clear as Como earned promotion from Serie B. In this campaign, though, we have seen Fàbregas make a team in his image: seeking to play possession football with a high line and a commitment to one- and two-touch passing geared to drag opponents out of shape. Results have been a mixed bag, but Como’s performances have deserved better. If expected goals – for and against – were real goals, they would sit in the top half.

The Hartonos’ financial backing has allowed Como to construct a squad to compete at this level. Headline-grabbing moves were made over the summer for veteran players with international name recognition, including Raphaël Varane, Sergi Roberto, Pepe Reina and Andrea Belotti.

Another, Dele Alli, was announced last week. Without a club since he left Everton in the summer, the Englishman had begun training with Como in December but Fàbregas suggested at the time that this arrangement was only designed to help the player – who has not played a competitive game for more than a year – to “get in shape and have positive feelings.”

“He was a fantastic player,” said Fàbregas last month. “I played against him many times. I’m glad if I can help him rediscover himself.” Subsequent news that he had signed an 18-month contract came as a surprise, and it remains to be seen what his role will be. Alli watched Saturday’s game from the stands with Sergi Roberto, who is out with an injury. The truth is that none of the famous names mentioned so far have started more than 10 games. Varane announced his retirement in September after suffering a knee injury.

Gabriel Strefezza and Alieu Fadera, a pair of wingers signed for €5m each from Lecce and Genk, have been more impactful. The latter was exceptional against Atalanta, setting up his team’s goal and recording a pair of successful dribbles as well as winning the joint-most tackles of any player on the pitch. But the biggest hit of all has been 20-year-old Nico Paz.

The son of Pablo Paz, a member of the Argentina team that took silver at the 1996 Olympic Games, Nico joined Real Madrid’s academy at 12 and made his senior debut last season while also scoring 10 times for the Castilla side. Although highly thought of by the club’s coaching staff, he was allowed to join Como on a deal that includes buy-back options running through to 2027.

Nico Paz (right) has been Como’s star this season and opened the scoring against Atalanta. Photograph: Matteo Bazzi/EPA

Paz has been Fàbregas’s best player: a schemer and shooter in the No10 role. Only two players in all of Serie A have delivered more passes leading directly to a shot. It was he who scored for Como on Saturday, meeting Fadera’s cross from the left with a flawless first-time finish into the near top corner. If his team-mates were similarly ruthless, this could have been a rout.

Como dominated Atalanta for almost an hour, only to be undone by the division’s top scorer. Mateo Retegui, whose recent injury absence had dented Atalanta’s title challenge, had two shots all game and buried both. Fàbregas was within his rights to feel proud of the performance, and to express that pride in his on-pitch team-talk. The crowd at the Sinigaglia was certainly appreciative, offering a warm ovation to players as they went under the Curva.

For long-time supporters, this rise has been head-spinning. Como were bankrupt as recently as 2017. They were bought at auction that year by Akosua Puni Essien, wife of the former Ghana international Michael Essien, then denied promotion to the third tier a year later after failing to meet administrative requirements. Even this season began with the stadium undergoing last-minute upgrades to meet Serie A regulations.

Perhaps it is not a footballing fairytale: money talks, and Como have spent close to €80m on transfer fees since last summer alone. But there are still players here who have been with them through the whole journey. Their first goal in a 2-0 victory over Roma last month – which ended a nine-game winless run – was struck by Alessandro Gabrielloni, the fifth man ever to score for the same team in the top four divisions of Italian football.

Fàbregas laughed on Saturday at a suggestion from one interviewer that his team still had room for mental growth. “I need to remind people that we are Como, a newly-promoted team who are making great teams work really hard,” he said. “For me this was a great day for Como. We need to remember where we were last year and where we are now.”