The Italian football club AS Roma, an emblem trained by the Portuguese Paulo Fonseca, closed a deal with the Friedkin Group of 591 million euros for the acquisition of control of the team. The United States consortium will hold 86,6% of the club's capital, according to the “Sports Business” portal.
The announced agreement definitively ends Jim Pallotta's involvement in the club, which, in recent months, had already shown interest in abandoning the project, after plans for the construction of a new stadium came to a standstill.
AS Roma will sell Friedkin control of the emblem of the Italian capital, and certain related assets, including funds made available to support the anticipated capitalization, and certain team-related responsibilities.
The transaction will be made through a sale to Friedkin of 86,6% of the club's share capital. The conclusion of the agreement, scheduled for the end of this month, will compel Friedkin to launch a mandatory offer to purchase outstanding shares, representing approximately 13,4% of AS Roma's share capital.
Dan Friedkin, chairman and chief executive of the Friedkin Group, said that “all of us at the Friedkin Group are delighted to have taken the necessary steps to be part of this iconic city and club. We are looking forward to closing the purchase as soon as possible and diving into the AS Roma family ”.
In August 2014, Pallotta's consortium strengthened its hold on Rome after acquiring the participation of the Italian banking group UniCredit in the club. A statement from Roma said that UniCredit had already sold the remaining 31% stake in Roma's parent company, NEEP Roma Holding, to AS Roma SPV for 33 million euros. AS Roma SPV guaranteed 100% of the NEEP, which, in turn, represented a majority stake of 78% in the club.
In December 2017, Roma obtained approval from four local bodies to proceed with long-term plans for the construction of a new stadium. Roma Capitale, the Metropolitan City, the Lazio Region and the Italian government approved the 'Stadio della Roma' project, with 55 seats.
Roma started working on the project in February 2012, when it started looking for a suitable place for its new home. In December of the same year, the club chose a location in the Tor di Valle area of Rome for the stadium. However, the project has been paralyzed in recent years due to planning problems, along with a high profile corruption case.
In commenting on the acquisition agreement, the still president of Roma, Pallotta, said that “in the last month, Dan and Ryan Friedkin have shown a total commitment to finalizing this deal and moving the club forward in a positive way. I am sure that they will be great future owners of AS Roma ”.