James Pallotta has signed a deal to sell his rights to the Giallorossi after months of negotiations
Previous owner and club president James Pallotta signed the necessary preliminary contracts to sell Roma to Dan Friedkin, the current chairman and CEO of The Friedkin Group, on Wednesday night.
Roma confirmed the news in a lengthy statement on their official website , which reads: “AS Roma SPV, LLC (“AS Roma SPV”), the majority shareholder of AS Roma S.p.A. (the “Team”), announces the signing of a binding Equity Purchase Agreement with The Friedkin Group, Inc. (“Friedkin”) pursuant to which, among other things, AS Roma SPV will sell to Friedkin its controlling interest in the team and certain related assets, including the funds it has made available to the team to support its foreseen capitalisation, and Friedkin will assume certain related team liabilities.”
Pallotta expressed his delight after the agreement was finalised, as well as his belief that the club are now in very good hands with Houston-based entrepreneur Friedkin in the boardroom alongside his son Ryan.
“I am pleased to confirm we have reached an agreement with The Friedkin Group for the sale of AS Roma,” said the 62-year-old businessman.
“We have signed the contracts tonight and, over the coming days, will now work together to complete the formal and legal process that will result in the club changing hands.
“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 added on the deal: “We all at the Friedkin Group are delighted to have taken the necessary steps to become part of this iconic city and club.
“We can’t wait to close the purchase as soon as possible and immerse ourselves in the AS Roma family.”
It was reported in June that negotiations between Pallotta and Friedkin had fallen through, as the club outlined plans to seek out fresh bids while working alongside bankers at Goldman Sachs.
Reports of a late offer from a Kuwaiti group fronted by Fahad Al-Baker surfaced earlier this month, but The Friedkin Group have now officially won the race for ownership of Roma, with the deal set to be finalised by the end of August.
Pallotta wrote a message to supporters last year outlining the club’s need to move out of Stadio Olimpico – the ground they currently share with arch-rivals Lazio – and into a new stadium in order to challenge at the very highest level.
“I’ve said it a million times before: If we want to consistently compete with the best teams in Europe, we need the stadium,” he said.
That dream could yet come to fruition in the coming years after The Friedkin Group’s investment, with plenty of work still to be done on the pitch after Roma failed to secure a return to the Champions League in 2019-20.