U.S. Magnate Friedkin Buys Control of AS Roma for $700 Million

U.S. billionaire Dan Friedkin agreed to buy the AS Roma soccer team, ending days of speculation about the Italian club’s future ownership.

The Friedkin Group will purchase Roma’s main shareholder plus two affiliated companies in a transaction valued at 591 million euros ($701 million) and then launch a mandatory tender offer for the remainder of the stock, about 13.4% of the total, according to a statement from the company. The transaction should be completed by the end of the month.

Soccer is far from the origins of Friedkin’s fortune. His Houston-based Friedkin Group owns Gulf States Toyota, an independent distributor ...