The Italian football and Serie A club, Roma, on Thursday announced a change of ownership as US billionaire, Dan Friedkin bought the club for 591 million euros ($700 million).
The Serie A club said in a statement, “AS Roma can confirm that an agreement has 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”.
Reports have it that the final sales agreement must be signed before the end of August.
Dan Friedkin, aged 54, takes over the Italian side from an American businessman, James Pallotta, aged 62.
Pallotta bought two-thirds of the club’s shares in 2012 but has had full ownership since 2014.
Friedkin is the chief executive of The Friedkin Group, a consortium notably involved in the automotive and entertainment industry. He is a Houston-based businessman.
Forbes has it that his fortune is estimated at just over four billion dollars (3.6 billion euros) and he is the 504th richest man in the world.
In his statement, he said that The Friedkin Group is very glad at the steps it has taken to become a part of the club and city.