Italian Serie A football club AS Roma is set to receive new American owners after the Friedkin Group agreed a $700m deal to acquire the team.
The deal announced is set to end Jim Pallotta’s stewardship of the club, with his US consortium having completed a takeover in August 2011.
AS Roma SPV LLC signed an equity purchase agreement with the Friedkin Group on Wednesday night, which will see the majority shareholder sell its controlling stake in the club for $700Mn.
Pallotta has been Roma’s president since 2012, after spearheading a takeover bid by a group of US investors, but had been open to selling the club for some time.
The billionaire, who is also the co-owner and executive board member of NBA giants the Boston Celtics, has been repeatedly linked with a bid for Newcastle in the Italian press but has yet to comment on those reports.
Football Business : AS Roma to get new American owners
“I am pleased to confirm we have reached an agreement with the The Friedkin Group for the sale of AS Roma,” he said in a statement on Roma’s website.
“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.”
Dan Friedkin, chairman and CEO of the Friedkin Group, added: “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 transaction will be effected through a sale to Friedkin of AS Roma SPV’s entire 86.6 per cent of the team’s share capital. The completion of the deal, which is expected later this month, will trigger an obligation on Friedkin to launch a mandatory tender offer on the outstanding shares, representing approximately 13.4 per cent of Roma’s share capital.