James Palotta says he's happy with the sale of Roma to the Friedkin Group.

The Friedkin Group has signed a binding Equity Purchase Agreement to take over from patron Pallotta.

“I'm pleased to confirm we have reached an agreement with The Friedkin Group for the sale of AS Roma," Pallotta told the club's official website.

“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."

The club revealed that a transaction of €591m for the takeover is expected before the end of August.

“The transaction is anticipated to close by the end of August 2020, and is subject to customary closing conditions," the club wrote in the official announcement.

“Each of AS Roma SPV and Friedkin has the right to terminate the Transaction without retention of any termination fee in the event that the Transaction does not close by August 31, 2020."

Chairman of The Friedkin Group, Dan Friedkin, said after the announcement: “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."