American billionaire, Dan Friedkin has signed a deal to purchase Serie A club AS Roma, the club announced on Thursday, August 6.

The Italian football club said formal contracts with the Friedkin Group were signed on Wednesday for a transaction valued at €591million (£532million). The transaction will be completed before the end of the month.

“I am pleased to confirm we have reached an agreement with the Friedkin Group for the sale of AS Roma,” the club’s president James Pallotta said in a statement.

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“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 finalizing this deal and taking the club forward in a positive way. I am sure they will be great future owners for AS Roma.”

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Dan Friedkin 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.”

Friedkin is the CEO of The Friedkin Group and its subsidiary, Gulf States Toyota Distributors, which was founded by his father, Thomas Hoyt Friedkin. The 54-year-old is worth $4.1 billion.