U.S. billionaire Dan Friedkin has signed a deal to purchase the Italian Serie A soccer club AS Roma.
Roma said formal contracts with the Friedkin Group were signed on Wednesday for a transaction valued at €591m (£533m).
The club in a statement stated;
AS Roma will transfer to Friedkin its controlling interest held in the club and some related activities, including the funds it has made available to the club to support its expected capitalization. The transaction is expected to close by the end of August 2020.
Jim Pallotta, the president of Roma, said;
I am pleased to confirm that we have reached an agreement with the Friedkin Group for the sale of AS Roma. We signed the documents and in the next few days we will work together to complete the formal and legal path that will lead to the change of hands of the club.
He added;
In recent months, Dan and Ryan Friedkin have shown total dedication in wanting to finalise this agreement and to guide the club positively. I am sure they will be great future owners for AS Roma.
In December 2019, the Italian club had confirmed talks with Friedkin‘s group had been ongoing and the sale will be fully completed in the next few weeks.
Roma last changed hands in 2012 when it was taken over by a group of U.S. investors led by Pallotta, who became the club’s president.
Pallotta, a businessman of Italian descent, struggled to revive the fortunes of the club, which won the last of its three Serie A titles in 2001.
Roma‘s owners have been trying to sell for a while, holding talks with various potential buyers, amid growing frustration with local authorities over a stalled project to build a new stadium.
The club missed out on qualification for next season’s Champions League via Serie A as they finished fifth but could still reach Europe’s top competition by winning the Europa League.
They are to play the first leg of their round of 16 tie against Sevilla on Thursday evening.
