Italian Serie A side AS Roma are again searching for new buyers after a €750 million deal has collapsed due to the ongoing Covid-19 pandemic. Italy amongst every other country in the world has been affected by the pandemic which within football, has seen huge declines in revenues as there has been an obvious loss of broadcasting, sponsorships and ticket sales as a result of the lack of fixtures being played. This has consequently made it increasingly difficult for investors to value a club.
In August 2012, James Pallotta became the owner of AS Roma but now has decided to sell his share in the club. The reported €750 million was offered earlier this year by fellow American and billionaire Daniel Friedkin, who is the owner of Gulf States Toyota. However, due to the effects, the pandemic has had, Daniel Friedkin made a revised offer reported to be worth €575 million, which was rejected by Mr Pallotta.
The Financial Times reported that Daniel Friedkin and his group were willing to pay in instalments with a starting payment of €125 million. In addition, €52 million would have then been paid over the next six months and a lump sum of €85 by the end of the year.
Although Mr Friedkin had his offer rejected, it is said he is still interested in taking over the club, however, he faces competition with interested parties such as Joseph DaGrosa, the chairman of General American Capital Partners (GACP) and former owner of Ligue 1 club Bordeaux, displaying interest to invest in the Italian club.
James Pallotta has been interviewed on the matter and the club posted a statement on their website, Mr Pollotta commented: “The Friedkin Group approached us last fall and, towards the end of the year, we were beginning to find an agreement. We went into more detail - and the devil is always in the detail – but after changes made by their lawyers and bankers, the offer began to morph into something less and less palatable for both Roma and our investment group.”
“The last semi-concrete offer we received - some of the details of which seem to have been leaked by either their lawyers or bankers - just wasn’t close to being acceptable.”
“If the Friedkin Group has the money and wants to talk again and wants to make an offer that we all find acceptable for Roma, we would listen.”
Author: Bradleigh Amis