U.S. billionaire Dan Friedkin has signed a deal to purchase Serie A side Roma.
Roma said formal contracts with the Friedkin Group were signed for a transaction valued at €591million (£532million).
The transaction is anticipated to close by the end of the month.
A group of U.S. investors led by Pallotta bought AS Roma in 2012.
Pallotta, a businessman of Italian descent, struggled to revive the fortunes of the club, which won the last of its three Serie A titles in 2001, and has seen his intentions to build a new stadium frustrated by planning issues.
