Rocco B. Commisso, the Italian-American billionaire owner of Mediacom, has completed his takeover of top flight Italian soccer club Fiorentina in a deal worth a reported €160 million (US$180 million), reports, www.sportspromedia.com/.

Commisso, who is also the majority owner of US soccer club New York Cosmos, completed the purchase within three weeks of the signing of his letter of intent to buy the Florence-based outfit. With JP Morgan, Chiomenti, Credit Suisse Italy and Bonelli Erede all acted as financial and legal advisors throughout the discussion.

Commisso will assume control from the Della Valle family, who have owned Fiorentina for the last 17 years.

He becomes the fifth overseas owner in Serie A.

Commisso said: "There are no words to describe how incredibly honoured I am to have the opportunity to contribute to writing the next chapter in the history of a legendary club like Fiorentina.

"I would like to thank the Della Valle family for managing Fiorentina over the past 17 years. Diego and Andrea deserve great honours for having saved this society from financial collapse. They leave a solid foundation on which to build the club."

Diego and Andrea Della Valle added: "Among the various offers received, we privileged not the economically most advantageous one for us, but the one we believe gives the greatest guarantees of a solid and passionate future to the Viola."