Listening to that, and what Schmeichel said before the semi-final, I really wish our media would stop with all this "it's coming home" stuff. It makes us look entitled, disrespectful and arrogant. The truth is England are the biggest underachievers in international football, considering the history, players we've had, popularity of the sport and the Premier League, and money invested in the game. Yet despite all of that, one trophy to show for it all, 55 years ago!
I mean, the most baffling thing for us Italians fans is just the assured, pumped up view of shouting from the rooftops that you're gonna win before the match even starts, but to us it's the same kind of "baffling" as a man who shoots his own foot. The reason is that we are very superstitious in football, so for example if you'd read through some Italian fan pages before the match all the messages were "Congrats to England for winning the Euros!" and stuff like that. We call it "gufare" in Italian (lit. "to owl", because owls are bad luck birds), which simply means to jinx the other team by assuredly announcing that they'll win. Because of that, seeing you guys jinx yourselves with the innocent carelessness of children is culturally incomprehensible to us. We are glad you keep doing it though.
It's banter! The song is about misery and disappointment but retaining hope. If they think it is arrogance then they don't understand English culture and that's their problem. It doesn't stop us performing.
It’s a song for goodness sake, it doesn’t mean we are going to win as Frank Skinner said it is “hope over experience”. The misunderstanding from around the world is annoying, if they want to rip us about losing then fine, it comes with the territory, but don’t accuse us of being arrogant when we simply are understandably desperate to finally win on the international stage, it is our national sport and we founded it.
I know the song was originally ironic and lighthearted but let's not kid ourselves, when your fans shout "It's coming home!" they don't use it in a self-deprecating way at all. They use it with those exact connotations that we "ignorant foreigners" perceived. So yeah Skinner & co. created it with a certain meaning in mind, but the phrase itself has been adopted by fans as a standalone which they use at face value.