Italian club Roma announced on Thursday that it would sell it to American billionaire Dan Friedken for approximately 591 million euros (702 million dollars).

On its website, the club issued an official statement clarifying the details of the deal, noting that the official contracts were signed on Wednesday evening.

For his part, Italian club president James Ballota said: "We signed the contracts and during the coming days we will complete the formal and legal procedures for the transfer of the club's ownership."

He added: "Over the past month, Dan and Ryan Friedken have revealed their full commitment to concluding the deal, and I am fully confident of their experiences that will lead the club to a better future."

A group of American investors, led by Ballota, bought the club in 2012.

It is noteworthy that Rome is set for Thursday evening against Seville in the round of 16 matches of the European League.