Dan Friedkin has officially completed the takeover of AS Roma from President James Pallotta. ‘Our shared vision is to favour a sustained, long-term investment approach rather than quick fixes of questionable durability.'
“AS Roma today begins a new era under new ownership,” read a statement.
“The Friedkin Group have announced the acquisition, by Romulus and Remus Investments LLC, of the 86.6% majority stake in the club and will launch a mandatory tender offer upon the publicly held ordinary shares, representing approximately 13.4% of the club’s share capital.”
The negotiations had been dragging on for 10 months, as they were practically abandoned during the lockdown, but resumed to reach a successful conclusion in recent weeks.
It was eventually done for €591m, including the cost of taking on Roma’s debts, and was announced after the Italian stock market had closed for the day.
“We are delighted to join the AS Roma family,” said Dan Friedkin, CEO and Chairman of The Friedkin Group. “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. We recognise we are entrusted with a team that is a vital part of the soul of Rome, and this is a responsibility that we find humbling and will always take very seriously.
“As business owners, we look to identify and back strong management teams and leadership. Guido Fienga has proven to be a great CEO of Roma, and together we have developed an ambitious and disciplined business plan.
“We will give him the support, guidance and means to deliver on this plan and, to help maintain focus over these crucial weeks ahead, it will be primarily his voice that will speak for AS Roma.
“Our shared vision for the club and the team is to favour a sustained, long-term investment approach rather than quick fixes of questionable durability.
“I’d also like to take a moment to thank Jim Pallotta and his partners for all they have done for the club. He and his team have been very helpful in preparing for a smooth transition and we wish him nothing but the best in the future.
“Finally, no comments would be complete without acknowledging the incredible strength, passion and loyalty of the fans and the Curva Sud. We will stand shoulder to shoulder with you as we develop this club and challenge for trophies in the future. We can’t wait to get to work and for our new season to start.”
Fienga will remain as CEO and, until a new director of sport can be found, act as lead figure in transfer negotiations too.
“This is an important day for AS Roma. It is a privilege for me to begin to work closely with Dan and Ryan. Their passion and commitment to the club is unquestioned as is their financial and commercial track record,” said Fienga.
“I am deeply honoured to have been trusted to continue my work at Roma and begin to execute a business plan which, in the first year, will put in place the foundation stones to deliver strong, sustainable results on and off the pitch.”
Due to COVID restrictions, the paperwork was signed in three different countries, as Dan Friedkin was in the teleconference call from Houston, his son Ryan was in London, while Roma directors Guido Fienga and Mauro Baldissoni were in Rome.
This ends eight years of Pallotta reign, although he had also been part of the original conglomerate that bought Roma in 2011.
“I would like to wish Dan, Ryan and everyone at AS Roma - the players, the staff and the fans - only good luck for the future,” said departing President Jim Pallotta.
“Like every Roma fan in the world, I truly hope The Friedkin Group can build on what we have done over the last eight years, transforming Roma into a truly international club, and take AS Roma to the next level. This is an incredibly special football club and I leave with many unforgettable memories.”
Even Napoli President Aurelio De Laurentiis released a message via Twitter.
“Dear Friedkin, welcome to Italian Soccer! Italian football is becoming stronger and more international. It is now an attractive prospect for investors.
“I am certain that you, like us, want to give an important contribution to transform the football system in Italy, making it more and more an industry that is a mix of sport and entertainment.”