Serie A side AS Roma have confirmed that owner James Pallotta. has agreed to sell the club to fellow American Dan Friedkin.
The two parties began talks before the Covid-19 pandemic paused life and the football season for a few months but the deal has now been agreed.
In a statement by president Pallotta, it was confirmed that billionaire Friedkin had signed an agreement for the club, believed to be worth £532 million.
Advert
"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," the club president said.
"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. I am sure they will be great future owners for AS Roma."
Pallotta, an American of Italian descent, bought the club with a group of US investors in 2012 but they haven't been able to return the club to former glory.
Advert
There has been three second placed finishes and a third placed finish in recent years but they haven't been able to win any silverware during that period.
This season the side from the Italian capital have seen local rivals Lazio overtake them in the league and finish in the top four, to secure Champions League football next season, whilst they finished eight points behind in fifth.
There has also been frustration during Pallotta's stay at the club in the building of a new stadium, there was originally progres on the project, which included the regeneration to the Tor di Valle area, but it has stalled due to planning issues.
Advert
The club are still in the Europa League, at time of writing, and face Sevilla in the last 16 on Thursday night in a one off game.
Victory in the tournament would qualify them for next season's Champions League and if Napoli won this season's version of the competition then Lazio would actually miss out on their place.
Roma's new owners will still inherit a squad that has talented players in, with Chelsea's Pedro also joining this summer, but they will need plenty of investment if they're to challenge Juventus at the top of the table.
The Old Lady only won the league by one point to Inter this season but that was after taking their foot off the gas towards the end of the season and they've now won the league nine years in-a-row.
Advert
Will Roma's new billionaire lead to the end of Juve's domination of Italy? Let us know your thoughts in the comments.
Featured Image Credit: PATopics: Football News, Europa League, Serie A, Transfer stories, Transfer rumours, Roma, Transfer news, Transfer reports, Italy