Photo by ANGELO CARCONI/EPA-EFE/Shutterstock (10506136o)

Roma on Thursday announced a change of ownership after US billionaire, Dan Friedkin offered to buy the Serie A club for 591 million euros ($700 million).

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

“AS Roma can confirm that an agreement has tonight 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 club said in a statement.

“The operation is valued at around 591 million euros,” the club added. The final sales agreement must be signed before the end of August.

Pallotta bought two-thirds of the club’s shares in 2012 but has had 100 percent ownership since 2014.

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

“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,” said Friedkin in a statement.

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

According to Forbes, his fortune is estimated at just over four billion dollars (3.6 billion euros) which would make him the 504th richest man in the world.

Friedkin’s son, Ryan will expectedly  be involved in the day to day running of the club.

“Over the last month, Dan and Ryan Friedkin have demonstrated their total commitment to finalizing this deal and taking the club forward in a positive way,” said Pallotta.

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

Their last silverware was the Italian Cup in 2008. They reached the Champions League semi-finals in 2018, but did not qualify for the European competition in the past two seasons.