Roma on Thursday announced a change of ownership, with US billionaire Dan Friedkin buying the Serie A club for 591 million euros ($700 million).

Friedkin, 54, takes over the Italian side from American businessman James Pallotta, 62.

“AS Roma can confirm that an agreement has tonight been reached between AS Roma SPV, LLC, the majority shareholder of AS Roma S.p.A, and The Friedkin Group regarding the sale of the club,” the club said in a statement.

“The operation is valued at around 591 million euros,” the club added. The final sales agreement must be signed before the end of August.

Pallotta bought two-thirds of the club’s shares in 2012, but has had 100 percent ownership since 2014.

Houston-based Friedkin is the chief executive of the Friedkin Group, a consortium notably involved in the automotive and hotel and entertainment industry.

“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,” said Friedkin in a statement.