U.S Billionaire acquires AS Roma
Italian Serie A club, AS Roma has been sold to U.S-based billionaire, Dan Friedkin according to a statement released by the club today.
The purchase concludes a process of negotiation that took several months and almost looked like falling through at a point. An initial agreement was reached last year for the sale of the club in a deal believed to be worth around €750m but the coronavirus pandemic earlier this year forced both parties back to the negotiation table.
The pandemic had devastating effects on the finances of clubs around Europe and Roma had its own share of the effects. Matchday revenue, commercial, and broadcasting revenues were affected which meant that Friedkin couldn’t in good faith complete the deal based on the already agreed price as the club’s valuation had been impacted negatively.
Club president, James Pallotta had rejected Friedkin’s new offer of €575m around May and it reportedly caused an internal rift within the club. Sporting director, Gianluca Petrachi and Pallotta reportedly had disagreements on the summer transfer market, eventually leading to the former’s suspension from his duties while Pallotta started searching for alternative bidders.
Eventually, a deal was reached and the club announced that the entire operation would be completed at the end of this month subject to customary closing conditions. Friedkin Group will purchase 86.6%, which is what was controlled by Pallotta for €591m.
Commenting on the agreement, Dan Friedkin, Chairman, and CEO of The Friedkin Group, said: “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.”
Do you have a story tip?
Kindly Email: keepup@bettitude.com
You can also follow us on Facebook, Instagram, Twitter and YouTube.
About Author
