US billionaire, Dan Friedkin, buys AS Roma football club for 591 million euros

Three-time Italian Serie A champions Roma, has been acquired by US billionaire Dan Friedkin for the sum of 591 million euros ($700 million).

Friedkin, 54, takes over the Italian side from American businessman James Pallotta, 62.

Houston-based Friedkin is the chief executive of the Friedkin Group, a consortium notably involved in the automotive and hotel and entertainment industry.

The club said in a statement, “AS Roma 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,”.

Pallotta bought two-thirds of the club’s shares in 2012, but has had 100 percent ownership since 2014. The operation is valued at around 591 million euros,” the club added. The final sales agreement must be signed before the end of August.

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Pallotta’s great project had been the construction of a new stadium in the south of the capital which was delayed because of legal and bureaucratic issues, and remains at the planning stage.

Three-time Italian league champions Roma, who have not won Serie A since 2001, finished fifth in the Italian league this season.

AFP

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