Roma are set to become the first leading Italian side in to be owned by a foreign company, according to reports emananting from Italy.

La Gazzetta dello Sport said Russian company Nafta Moscow had reached an agreement with Roma president Franco Sensi to pay €400m for the club.

Trading in Roma’s shares was suspended as speculation intensified that an announcement would be made before a club board meeting of the club on Friday.

“Only some small technical details are missing. The main part of the deal is already done,” a source close to the negotiations was quoted as saying by Gazzetta.

Earlier this week Sensi confirmed he was involved in negotiations with the Russians, adding he would remain honorary president if the deal went through.

Corriere dello Sport said Sensi was trying to reach a deal ahead of Sunday’s deadline for sending through financial documentation needed to gain the UEFA licence required for admission to next season’s Uefa-run competitions.