AS Roma of Serie A have been sold by current owner James Pallotta to Houston-based entrepreneur Dan Friedkin, the CEO of The Friedkin Group, the club announced on Wednesday.

Pallotta, an American, signed formal contracts on Wednesday evening before the club made a financial statement to the Italian Companies and Exchange Commission (CONSOB), the government authority that regulates the country's securities market.

It took the two sides about 10 months to close the deal which, according to the statement, was valued at about 591 million euros (U.S. 700 million dollars).

"I am pleased to confirm we have reached an agreement with the Friedkin Group for the sale of AS Roma," Pallotta said. "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."  

Friedkin 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." 

Though the team were at a 1(Win)-3(loss) ratio at the early stage of the season restart, Roma finished the following eight games with a 7(win)-1(draw) record and managed to rise to fifth in the standings. They are likely to keep Edin Dzeko who scored 16 goals in Serie A this season, Moreover, though Roma let Chris Smalling return to Manchester United after being on loan, the takeover may enable them to bring the best-performing defender after the coronavirus break back to Stadio Olimpico.

AS Roma were due to challenge Sevilla of La Liga in the UEFA Europa League Round of 16 game on Thursday night.