Rome, Aug 6 (IANS): US-based Friedkin group has reached an agreement with the current owners of Serie A club Roma to buy the former league champions for 591 million euros.

Roma said in a statement that owner and club president James Pallotta has signed the necessary preliminary contracts to Dan Friedkin, the current chairman and CEO of The Friedkin Group, on Wednesday night.

In a detailed statement that it posted on its website, Roma said that "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 capitalisation, and Friedkin will assume certain related team liabilities (the "Transaction")."

"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," Pallotta said in the statement.

"Over the last month, Dan and Ryan Friedkin have demonstrated their total commitment to finalising this deal and taking the club forward in a positive way. I am sure they will be great future owners for AS Roma."

"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," said Friedkin.