Italian football club Roma has been sold to a US business consortium Friedkin Group for €591 million (around $700 million).

In a statement on Wednesday, Roma said that the club agreed with The Friedkin Group for the sale of the club, saying “the Transaction is valued at approximately Euro 591,000,000.”

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

Pallotta added that the parties signed contracts and will work to complete the legal process in the upcoming days.

“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,” The Friedkin Group CEO Dan Friedkin said.

The Friedkin Group is a private business and investment consortium based in Houston, Texas and is “one of the world’s largest independent Toyota distributors.”

The group also invests in luxury resorts.

According to the famed business magazine Forbes, US businessman Dan Friedkin, 55, has a $4.1 billion net worth.

One of the popular football clubs in Europe, Roma won the top-tier Italian Serie A title for three times in 1942, 1983 and 2001.

The team bagged nine Italian Cups in history. Roma last earned this trophy in 2008.

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