US billionaire Dan Friedkin has agreed a deal to purchase AS Roma, the Italian soccer giant confirmed on Thursday.

The Serie A side said formal contracts with Friedkin’s consortium were signed on Wednesday, in a deal worth 591 million euros ($700m). The transaction is expected to be completed by the end of August.
Friedkin is the owner of Gulf States Toyota, a franchise distributor that sells Toyotas in a number of southern US states. His net worth is estimated at $4.1 billion by Forbes.
He will replace James Pallotta, an American businessman who took over the club in 2011 but has failed to return it to the summit of Italian football.
The side has not won a league title since 2001, finishing as runners-up nine times during that span. The team has missed out on qualification for the Champions League in each of the last two seasons.
“Over the last month, Dan and Ryan Friedkin have demonstrated their total commitment to finalizing this deal and taking the club forward in a positive way. I am sure they will be great future owners for AS Roma,” Pallotta said in a statement Thursday.
Friedkin inherited his Toyota distributor from his father, Thomas H. Friedkin. The business has exclusive rights to sell Toyota vehicles in Texas, Arkansas, Louisiana, Mississippi and Oklahoma.