On Thursday, Roma announced a change of ownership, with US billionaire Dan Friedkin buying the Serie A club for 591 million euros ($700 million).
The US billionaire Friedkin, 54, will now take over the Italian side from American businessman James Pallotta, 62.
The club in a statement said, “AS Roma can confirm that an agreement has tonight been reached between AS Roma SPV, LLC, the majority shareholder of AS Roma S.p.A, and The Friedkin Group regarding the sale of the club.
“The operation is valued at around 591 million euros.”
The final sales agreement will be signed before the end of August.
Recall that Pallotta bought two-thirds of the club’s shares in 2012 and then had 100 per cent ownership since 2014.
The US billionaire who is based in Houston is the chief executive of the Friedkin Group, a consortium notably involved in the automotive and hotel and entertainment industry.
“All of us at The Friedkin Group are so happy to have taken the steps to become a part of this iconic city and club. We look forward to closing the purchase as soon as possible and immersing ourselves in the AS Roma family,” the US billionaire said in a statement.
According to Forbes, his fortune is estimated at just over four billion dollars (3.6 billion euros), making him the 504th richest man in the world.
Friedkin’s son, Ryan, has been reported be involved in the day to day running of the club.
“Over the last month, Dan and Ryan Friedkin have demonstrated their total commitment to finalising this deal and taking the club forward in a positive way. I am sure they will be great future owners for AS Roma,” said Pallotta.
Three-time Italian league champions Roma, who have not won Serie A since 2001, finished fifth in the Italian league this season. Their last silverware was the Italian Cup in 2008.
Roma reached the Champions League semi-finals in 2018 but did not qualify for the European competition for the past two seasons.
Source: The Street Journal
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