AS Roma has confirmed that US consortium The Friedkin Group has signed a deal to purchase the Serie A club in a transaction that is valued at £533m (€591m).

The group, which is headed by American billionaire Dan Friedkin, will purchase 86.6 per cent of the team’s entire share capital should the purchase be finalised.

Jim Pallotta, AS Roma President, commented: “I am pleased to confirm we have reached an agreement with The Friedkin Group for the sale of AS Roma. 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.”

If the purchase goes through, then it will end Jim Pallotta’s eight year association with the club following the businessman’s purchase of Roma in 2012. However, he failed to bring a Serie A title back to the Italian club, meaning that the club has now gone 19 years without a top division trophy. Moreover, the owner has recently been frustrated over his intentions to build a new stadium due to ongoing planning issues. 

Dan Friedkin, Chairman and CEO of The Friedkin Group, added: “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. We look forward to closing the purchase as soon as possible and immersing ourselves in the AS Roma family.”

Despite the season for most European leagues being over, Roma still has fixtures to complete with the side featuring in the Europa League, which has recently restarted following the competition’s postponement. The Italian club will face Sevilla tonight with the Europa League being Roma’s only chance to qualify for next season’s Champions League.