TL; DR

• The Friedkin Group (TFG), the Houston-based private consortium of Texas billionaire Dan Friedkin, acquired AS Roma in August 2020 for an enterprise value of €591 million (~$700m / £532m), assuming all club debts;
• TFG has since consolidated ownership to c.96% and injected significant sums around €1.048 billion by mid-2025 (source: Italian financial outlet Calcio e Finanza.)
• Six years in, the Friedkin stewardship is a study in contrasts: a maiden European trophy (2022 UEFA Europa Conference League), a 2023 Europa League final, and at last UEFA Champions League qualification in May 2026, set against chronic managerial churn (six head coaches), the explosive De Rossi sacking, large accumulated financial losses, and recurring fan protests.
• The December 2024 acquisition of Everton FC created a multi-club ownership structure that, under UEFA’s Article 5 “decisive influence” rules, would become a live regulatory problem the moment Roma and Everton both qualify for the same UEFA competition.

Key Findings

The Friedkin Group is a privately held consortium headquartered in Houston, Texas, chaired by Dan Friedkin (b. February 27, 1965, San Diego), built on Gulf States Toyota (founded 1969 by his father Thomas H. Friedkin). TFG was ranked #34 on Forbes’ America’s Largest Private Companies (2024), with reported revenue of $13.3 billion for the fiscal year ending September 2024. Dan Friedkin’s net worth was estimated at $9.4 billion as of January 2026 (Bloomberg Billionaires Index).

Acquisition price: €591 million enterprise value. The controlling private stake (c.86.6%, held via AS Roma SPV LLC) was bought for around €63.4m for the privately held shares plus c.€8.5m for 3.3% of publicly traded shares, with TFG also assuming liabilities and funding a recapitalization (c.€111m).

Completed August 17, 2020; the acquisition vehicle was Romulus and Remus Investments LLC.

Trophies/performance: Won the inaugural UEFA Europa Conference League (May 25, 2022, beating Feyenoord 1-0 in Tirana); lost the 2023 UEFA Europa League final to Sevilla on penalties (1-1 a.e.t., 4-1 pens, Budapest, May 31, 2023); Serie A finishes of 7th (2020-21), 6th (2021-22), 6th (2022-23), 6th (2023-24), 5th (2024-25), and 3rd in 2025-26, qualifying for the Champions League for the first time under TFG.

Managerial churn: Paulo Fonseca → José Mourinho → Daniele De Rossi → Ivan Jurić → Claudio Ranieri → Gian Piero Gasperini. Four different head coaches were used in calendar year 2024 alone.

Financials: Cumulative losses of approximately €500m+ in the first years; FY2023-24 net loss of €81.4m on revenue of €301.7m; consolidated equity of c.€407.7m at June 30, 2024. The Friedkins have funded the club via cash injections and conversion of shareholder loans to equity.

Stadium: The Pietralata new-stadium project (60,605 capacity, €1.047bn total investment, fully privately financed) received final feasibility approval from the Rome Capitoline Assembly on March 13, 2026, with groundbreaking targeted for the first half of 2027 and opening around 2030-31.

The Friedkin Group 

The entity. The Friedkin Group is a privately held consortium of businesses and investments headquartered in Houston, Texas, led by Chairman and CEO Dan Friedkin. Its core asset is Gulf States Toyota (GST), founded in 1969 by Thomas H. Friedkin, one of only two private independent Toyota distributors in the US, holding exclusive distribution rights across Texas, Oklahoma, Arkansas, Mississippi and Louisiana (150+ dealerships). The group was ranked #34 on Forbes’ America’s Largest Private Companies (2024), with reported consolidated revenue of $13.3 billion for the fiscal year ending September 2024.

Beyond automotive (GST, GSFSGroup, US AutoLogistics, Westside/Northside Lexus), the portfolio spans hospitality (Auberge Resorts Collection, chaired by Friedkin since 2013), entertainment (Imperative Entertainment, 30WEST, and NEON, distributor of the Oscar-winning Parasite), and sports. In July 2025, TFG launched Pursuit Sports (CEO Dave Beeston) to consolidate its sports assets (AS Roma, Everton FC, and French club AS Cannes). President Marc Watts (a Harvard Law-trained former Locke Lord managing partner) handles deal structuring and governance.

Dan Friedkin. Born February 27, 1965 in San Diego; bachelor’s from Georgetown University, master’s in finance from Rice University. He became CEO of GST and the Friedkin Group around 2001 after his father stepped back; he is assumed to own all of GST following his father’s death in March 2017. The Bloomberg Billionaires Index estimated his net worth at $9.4 billion as of January 2026.

He is an accomplished aviator (Heritage Flight pilot; performed stunt flying in Christopher Nolan’s Dunkirk, winning a Taurus Stunt Award), film producer/director (directed The Last Vermeer; producer on The Square, All the Money in the World, Killers of the Flower Moon), golf-course owner (built Congaree, owns Diamond Creek), and conservationist (Friedkin Conservation Fund; Mwiba Lodge, Tanzania). He served on the Texas Parks and Wildlife Commission (2005-2018, chairman in periods).

Ryan Friedkin. Dan’s son; Vice-Chairman of AS Roma. Italian press (Corriere dello Sport) reported he became an increasingly hands-on point of reference at Roma’s Trigoria training centre and headquarters, personally pushing the January 2024 appointment of Daniele De Rossi and driving 2024 transfer business (Soulé, Dovbyk, Le Fée). He represents the more day-to-day Friedkin presence in Rome.

Other principals. The August 2020 board/executive committee included Dan Friedkin (Chairman), Ryan Friedkin (Vice-Chairman), Guido Fienga (CEO, carried over), Marc Watts, Eric Williamson, and Ana Dunkel. The nine-person board confirmed at the shareholders’ meeting also included Benedetta Navarra, Mirella Pellegrini, Ines Gandini and Analaura Moreira-Dunkel. In April 2025, billionaire fund manager Christopher Sarofim (Chairman of Fayez Sarofim & Co., minority owner of the NFL Houston Texans) joined the ownership group as a minority investor in Roundhouse Capital Holdings with a board observer seat.

Other sports. Everton FC (completed December 19, 2024) and French club AS Cannes are TFG’s other football holdings. TFG has also explored an NHL expansion franchise in Houston (meetings reported March 2025).

AS Roma acquisition, transaction details

Prior ownership: James Pallotta. A US investor group led by Thomas R. DiBenedetto (with James Pallotta, Michael Ruane, Richard D’Amore) bought the majority stake of Roma in 2011, the first foreign group to acquire a majority of a Serie A club.

Pallotta became president in August 2012 and consolidated to 100% control by 2014 (acquiring the UniCredit minority stake). His eight-year reign featured three Serie A runner-up finishes and a 2018 Champions League semi-final (after the famous 3-0 comeback v Barcelona) but no trophies, recurring financial difficulties, UEFA Financial Fair Play sanctions, the controversial exits of legends Totti and De Rossi, a frustrated Tor di Valle stadium project, and growing fan discontent. Pallotta was widely seen as having been “strong-armed” by circumstances (COVID revenue collapse, missed Champions League, minority-shareholder lawsuit) into selling.

Deal process. Friedkin began negotiations in December 2019; a price of around €750m was discussed late 2019. The pandemic forced a revision; Pallotta rejected a c.€575m offer in May 2020 and worked with Goldman Sachs to seek alternative bidders (including a reported late Kuwaiti bid fronted by Fahad Al-Baker). TFG ultimately prevailed; the binding Equity Purchase Agreement was signed August 5-6, 2020.

Price and structure. Enterprise value €591m ($700m / £532m). TFG, via Romulus and Remus Investments LLC, acquired 100% of the assets of AS Roma SPV LLC, which held c.86.6% of AS Roma S.p.A., and assumed related liabilities. A mandatory tender offer followed for publicly traded shares on the Borsa Italiana. Completion (closing) was August 17, 2020. TFG has since consolidated to 95.97-96% ownership; Dan Friedkin became Chairman and President.

Chronology of TFG ownership (August 2020 – June 2026)

• Aug 2020: Takeover completes; Fonseca retained as coach; Fienga as CEO.
• 2020-21: 7th in Serie A; Europa League semi-final (lost 5-8 agg to Manchester United); Coppa Italia Round of 16 exit (2-4 v Spezia). Fonseca departs; Tiago Pinto installed as general manager/sporting director (late 2020).
• 2021 (May): José Mourinho appointed.
• 2021-22: 6th in Serie A; won the inaugural UEFA Europa Conference League (1-0 v Feyenoord, Tirana); Coppa Italia quarter-final exit (0-2 v Inter).
• 2022-23: 6th; reached 2023 UEFA Europa League final (lost on penalties to Sevilla); Coppa Italia quarter-final exit (1-2 v Cremonese).
• 2023-24: Lukaku loan signing; Mourinho sacked January 16, 2024 (after Coppa Italia derby exit to Lazio); De Rossi promoted; Tiago Pinto leaves Feb 2024; De Rossi made permanent April 2024; 6th in Serie A.
• 2024-25: De Rossi sacked September 18, 2024 (four games in); Ivan Jurić hired within hours; CEO Lina Souloukou resigns September 22, 2024 amid fan fury; Jurić sacked November 10, 2024; Claudio Ranieri returns November 14, 2024 (third spell); Roma recover to 5th (69 pts) and Europa League; Everton acquired December 19, 2024.
• 2025-26: Gasperini appointed June 6, 2025; Ranieri promoted to senior advisor (later left April 2026); Massara appointed sporting director June 2025 (replacing Ghisolfi), then departed May 2026; Roma finished 3rd, qualifying for the Champions League for the first time under TFG; Europa League Round of 16 exit to Bologna (March 2026).

Managerial appointments under TFG

• Paulo Fonseca (retained; departed end of 2020-21). 7th place 2020-21; Europa League semi-final. Left May 2021.
• José Mourinho (appointed May 4, 2021; sacked January 16, 2024). Reported salary €7.5m/year at signing (later reported up to €9m with bonuses). Won the 2022 Conference League (Roma’s first European trophy and first major trophy since 2008); reached the 2023 Europa League final. 6th in both full Serie A seasons. Sacked after Coppa Italia elimination by Lazio with Roma 9th.
• Daniele De Rossi (interim January 2024; permanent April 18, 2024; sacked September 18, 2024). Strong start (8 wins in first 10) earned a three-year contract; sacked after a winless opening (3 draws, 1 loss) four games into 2024-25, a decision that triggered mass fan protests and the CEO’s resignation.
• Ivan Jurić (appointed September 18, 2024; sacked November 10, 2024). Eight league games; departed with the lowest points-per-game of a Roma manager in 20 years.
• Claudio Ranieri (appointed November 14, 2024; to end of season). Guided Roma from 13th to 5th with a long unbeaten run; then promoted to senior advisor to ownership; left the advisory role April 24, 2026.
• Gian Piero Gasperini (appointed June 6, 2025). Led Roma to 3rd and Champions League qualification in 2025-26; Europa League Round of 16 exit to Bologna.

Sporting directors: Tiago Pinto (general manager/sporting director, 2020/21 to February 2024, left by mutual consent); Florent Ghisolfi (from Nice, May 2024 – June 2025, departed after one year); Frederic “Ricky” Massara (June 2025 – May 2026, third Roma stint; left alongside Ranieri amid friction with Gasperini).

Major Player Signings

Key arrivals:

• Tammy Abraham (Chelsea, 2021): €40m. Central to the Conference League win; later injured and loaned to Milan.
• Paulo Dybala (Juventus, 2022): free transfer, €6m/year salary; marquee signing, scored in the 2023 EL final.
• Henrikh Mkhitaryan, Chris Smalling, Nemanja Matić, Georginio Wijnaldum (frees), Zeki Çelik (€7m): low-cost squad-building under Mourinho.
• Romelu Lukaku (Chelsea loan, 2023-24): loan fee 5.8m, full wages covered.
• Artem Dovbyk (Girona, 2024): €30.5m base, up to €38.5m with add-ons.
• Matías Soulé (Juventus, 2024): €26m + €4m bonuses.
• Manu Koné (Borussia Mönchengladbach, 2024): €18m + €2m.
• Mats Hummels, Mario Hermoso (frees, 2024): underwhelming; Hummels’ error contributed to EL elimination, Hermoso loaned out in January.
• Evan Ferguson (Brighton, loan, July 2025): €3m loan fee, €37-40m non-mandatory buy option.

Key departures: Roma have repeatedly sold to balance the books, e.g., Roger Ibañez to Al-Ahli (€28.5m, 2023), Nicolò Zaniolo to Galatasaray (2023), and academy/squad players. The pattern of “selling-club” behavior, inherited from the Pallotta era, has frustrated fans.

Domestic and European performance

• Serie A: 2020-21: 7th (62 pts); 2021-22: 6th (63); 2022-23: 6th (63); 2023-24: 6th (63); 2024-25: 5th (69); 2025-26: 3rd (Champions League qualification, sealed by a 2-0 win at Hellas Verona on the final day, May 24, 2026).
• 2022 Conference League: Won 1-0 v Feyenoord in Tirana (May 25, 2022); Nicolò Zaniolo scored the 32nd-minute winner; Roma’s first major European trophy and the first by an Italian club in a UEFA competition in 12 years; first Roma trophy since the 2008 Coppa Italia.
• 2023 Europa League final: Lost to Sevilla in Budapest (May 31, 2023). Dybala scored (35′); Mancini own goal (~55′) equalized; 1-1 after extra time; Sevilla won 4-1 on penalties (Mancini and Ibañez missed for Roma). Mourinho’s first defeat in a European final.
• Coppa Italia: R16 exit v Spezia (2020-21); QF v Inter (2021-22); QF v Cremonese (2022-23); R16 derby exit v Lazio (2023-24); QF v AC Milan (2024-25).
• 2024-25 Europa League: Reached Round of 16, eliminated by Athletic Club; Ranieri’s run restored domestic respectability (5th).
• 2025-26: Europa League Round of 16 exit to Bologna (3-4 a.e.t. on aggregate, March 2026); 3rd in Serie A.

Financial investment and stadium

TFG has injected significant sums. Italian financial outlet Calcio e Finanza calculated total Roma commitment of €1.048 billion as of the June 30, 2025 accounts, broken down as approximately €199m to acquire the club, €25.9m for the public tender offer, and €824m for ongoing club operations/management.

(An earlier 2024 calculation put the figure at €926.6m / £798.8m.) In FY2023-24 alone, TFG injected €90m and converted €110m of shareholder loans to equity; remaining shareholder debt was €297m at June 30, 2024.

The club posted a FY2023-24 net loss of €81.4m (an improvement of €20m on the prior year’s €102.7m loss) on consolidated revenue of €301.7m (broadcasting €104.1m, commercial €70m, matchday €55.4m); consolidated equity was -€407.7m. Cumulative losses since 2020 are very large (one estimate: £489m by late 2024). RomaPress reported a €3m UEFA sanction for missing interim targets in its settlement agreement. Roma reduced losses materially by 2024-25 (€58m) and faced pressure to break even in 2025-26; Champions League qualification is financially crucial.

Pietralata stadium: TFG abandoned Pallotta’s Tor di Valle project and chose Pietralata (northeast Rome) in 2022. The planned 60,605-capacity stadium (with a 23,000-seat single stand, designed to be among the world’s largest) sits within a 27-hectare complex.

Total investment is reported at €1.047 billion (£917.08m/$1.24bn), of which €696.37m is earmarked for stadium construction and the remainder for urban-development works; it is fully privately financed by the Friedkins (€572m equity plus a €600m bank loan drawn 2027-30).

The PFTE feasibility study was delivered December 23, 2025; the Rome City Council verified PFTE compliance in late February 2026, and the Rome Capitoline Assembly granted final approval of the project (confirming its public interest) on March 13, 2026.

Groundbreaking is anticipated for the first half of 2027 (coinciding with the club’s centenary), with a three-year build targeting a 2030-31 opening in time to host UEFA Euro 2032 matches. Obstacles include archaeological finds, tree-clearing/environmental appeals to the Lazio regional court (TAR), and local “Yes to the Park, No to the Stadium” opposition.

Friedkin public statements and media relations

A defining feature is the Friedkins’ near-total public silence: they did not speak publicly for years after buying Roma, communicating chiefly through club statements. Dan Friedkin’s signature lines at takeover, “Our commitment to Roma is total… we will be very present in Rome” and a vision favoring “a sustained, long-term investment approach rather than quick fixes”,  have been repeatedly contrasted by Italian and international media with the chaotic managerial turnover. The owners never publicly explained the De Rossi sacking.

This opacity has been a recurring criticism in Italian press and was flagged by international outlets when TFG bought Everton (where Marc Watts serves as executive chairman and is the more public voice).

Multi-club ownership dimension

TFG completed its Everton purchase on December 19, 2024 (acquiring 98.8%, rising to 99.5% after recapitalisation; vehicle Roundhouse Capital Holdings), valuing Everton around €450m (£400m+) and injecting large sums (a £200m June 2024 pre-completion loan; a £289m December 2024 capital increase).

With both Roma and Everton in the TFG stable, UEFA Article 5 (integrity of competitions / “decisive influence”) is the central regulatory risk. UEFA’s CFCB May 2024 circular set qualitative tests (e.g., 30%+ shareholder rights, board influence); a December 2025 UEFA circular curtailed blind trusts as a permanent safe harbor.

 Dan Friedkin sits on the Executive Board of the European Club Association (re-branded European Football Clubs), giving him governance influence. TFG has reportedly avoided direct Roma-Everton transfer business to demonstrate operational independence.

Assessment of TFG as Roma owners

Strengths: Delivered Roma’s first European trophy (2022) and first major silverware since 2008; reached a second European final (2023); achieved long-sought Champions League qualification (2026); committed enormous personal capital; advanced the stadium project further than Pallotta ever managed (feasibility approval 2026); the women’s team won domestic trebles; reduced annual losses over time.

Weaknesses/criticisms: Severe instability, six head coaches, multiple sporting directors, and four coaches in 2024 alone; the premature and unexplained De Rossi sacking that ignited fan protests and forced out CEO Souloukou (who required police protection amid threats); persistent heavy financial losses and FFP pressure; an owner communication style criticized as aloof; transfer strategy still resembling a “selling club” at times. The “Presidents and directors, leave Roma” banner and an empty Curva Sud in September 2024 epitomized the trust breach. The relationship with fans has been volatile, though sporting success (especially the 2026 Champions League return) has eased tensions.

Overall: As of June 2026, the Friedkin stewardship is best assessed as financially committed but operationally erratic,  a regime that has finally translated heavy investment into elite qualification and tangible stadium progress, while still carrying unresolved governance, financial-sustainability, and multi-club regulatory risks.

Caveats

• Net-worth figures vary widely and are estimates. Bloomberg ($9.4bn, Jan 2026), Forbes ($4.1bn in 2021, $6.4bn in 2024) and others differ substantially; the Friedkin fortune is closely held and not independently auditable.
• Investment totals differ by source and methodology. Figures ranging from €824m (operations only) to €1.048bn (total commitment) reflect different treatments of cash injections, loan-to-equity conversions, the tender offer, and the original purchase price; the €1.048bn and €926.6m figures are both from Calcio e Finanza at different dates.
• Stadium cost figures conflict (€1.047bn per official PFTE vs. €1.3-1.5bn in some reports) depending on whether all surrounding infrastructure/VAT is included.
• Serie A points totals for 2021-22, 2022-23 and 2023-24 (63 each) are derived from verified win-draw-loss records (18-9-11); cross-checking against an official final table is advisable if exactness is critical.
• Ownership percentage is reported variously as 86.6% (initial), 95.97% and 96% after the tender offer; the precise current figure should be confirmed against the latest CONSOB filing.
• Several manager-salary and transfer-fee figures rely on press reporting (Gazzetta dello Sport, Sky Italia/Di Marzio, Transfermarkt, Fabrizio Romano) rather than disclosed accounts and carry the usual uncertainty of football financial journalism. The Dovbyk fee (€30.5m base, up to €38.5m) and Mourinho salary (€7.5m–€9m) are the most variable across sources.