ROME, Aug. 6 (Xinhua) -- Serie A side Roma confirmed on Tuesday that an agreement has been reached between AS Roma SPV, LLC, the majority shareholder of AS Roma S.p.A, and The Friedkin Group regarding the sale of the club.
It is disclosed that formal contracts were signed on Wednesday evening and AS Roma SPV, LLC released a financial statement to CONSOB, the Italian government authority responsible for regulating the Italian securities market.
"AS Roma SPV, LLC ("AS Roma SPV"), the majority shareholder of AS Roma S.p.A. (the "Team"), announces the signing of a binding Equity Purchase Agreement with The Friedkin Group, Inc. ("Friedkin") pursuant to which, among other things, AS Roma SPV will sell to Friedkin its controlling interest in the Team and certain related assets, including the funds it has made available to the Team to support its foreseen capitalization, and Friedkin will assume certain related Team liabilities (the "Transaction")," read the statement.
According to the statement, the transaction, valued at approximately 591 million euros, is anticipated to close by the end of August 2020 and is subject to customary closing conditions. Subject to certain terms, AS Roma SPV has a right to terminate the Transaction and retain an earnest-money deposit made into escrow as a usual termination fee if the transaction does not close on or before 17 August 2020, as AS Roma SPV may extend that date.
In addition, subject to certain conditions, each of AS Roma SPV and Friedkin has the right to terminate the Transaction without retention of any termination fee if the transaction does not close by 31 August 2020.
Jim Pallotta, AS Roma President, said: "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 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 finalizing this deal and taking the club forward in a positive way. I am sure they will be great future owners for AS Roma."
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."