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Roma: US billionaire completes €591m takeover

Friedkin has completed the purchase of Roma

US billionaire Dan Friedkin promised to turn Roma into “one of the greatest names in world football” after completing his €591 million ($700 million) purchase of the Italian club on Monday.

Friedkin, 54, takes over the Serie A side after nine-years under the ownership of fellow American James Pallotta, 62.

“We are delighted to join the AS Roma family,” said Friedkin. “As one fan wrote recently, ‘Take our iconic club and make it one of the greatest names in world football. We intend to do just that. Our commitment to Roma is total. We will be very present in Rome, a city that holds a special place in our hearts, as we embark on this exciting journey.

“Our vision for the club and the team is to favour a sustainable and long-term investment approach rather than quick fixes. We recognise that we have been entrusted with a team. which represents a vital part of the soul of Rome, and this is a responsibility that we will always take very seriously and humbly.”

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Houston-based Friedkin is the chief executive of a consortium notably involved in the automotive and hotel and entertainment industry. The Friedkin Group have through Romulus and Remus Investments LLC, purchased the 86.6 percent majority stake in Roma, and will launch a mandatory tender offer for the remaining 13.4 percent of share capital, the club said in a statement.

Friedkin takes over from Pallotta as club chairman, in a new executive committee which includes his son Ryan, with Guido Fienga remaining on as CEO. Pallotta bought two-thirds of the club’s shares in 2012, but had 100 percent ownership since 2014.

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