Roma sold by one US group to another

AS Roma's ownership will change hands in a deal worth close to $A1 billion.
AS Roma's ownership will change hands in a deal worth close to $A1 billion.

US billionaire Dan Friedkin has signed a deal to purchase Italian Serie A soccer club AS Roma.

Roma said formal contracts with the the Texas-based Friedkin Group were signed on Wednesday for a transaction valued at 591 million euros ($970m).

The transaction is anticipated to be concluded by the of August.

"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," AS Roma president James Pallotta said in a statement.

"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."

The announcement comes on the same day Roma - who finished fifth in Serie A - face Sevilla in the Europa League round of 16.

"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," Dan Friedkin, chairman and CEO of the Friedkin Group, said.

"We look forward to closing the purchase as soon as possible and immersing ourselves in the AS Roma family."

A group of Boston investors led by Pallotta bought AS Roma in 2011.

Pallotta, a businessman of Italian descent, struggled to revive the fortunes of the Giallorossi and had his proposal to build a new stadium frustrated by planning issues.

Roma won the last of their three Serie A titles in 2001.

Australian Associated Press