Press release expected on Tuesday afternoon from Nerazzurri.
Inter Milan president Massimo Moratti has announced that he has signed an agreement with wealthy Indonesian businessman Erick Thohir to take over the club.
Although negotiations have been ongoing for some time, Moratti has finally revealed that the deal is signed and there will be an official statement from the club in the coming hours.
“We signed with Thohir, soon there will be a press release,” he is quoted as saying by La Gazzetta dello Sport.
It is understood that the Indonesian billionaire will acquire around a 70 per cent stake in the club in return for an investment of approximately £300m according to reports in the Italian media.
Thohir will also settle debts which are believed to be standing at around £250m, before improving the infrastructure of the club as well as the playing squad.
During the process of the takeover, there have been talks of a new stadium but it remains to be seen what the new owner will prioritise after the deal is ratified and made official.
Meanwhile, it is expected that Moratti will remain with the club in a directorial role as Thohir has emphasised the benefit of using the Italian’s experience of the game.
Buying into a sports franchise isn’t a new venture for Thohir though, as he is also currently a part owner of DC United as well as NBA team the Philadelphia 76ers.
Nevertheless, it marks the end of an era for the Nerazzurri, after Moratti became president back in 1995 with the club winning five Serie A titles, one Champions League and one UEFA cup under his leadership.
However, with debts continuing to hamper the club’s development as they look to continue to rebuild, Moratti has taken advantage of an opportunity which he hopes will make them competitive again.