MILAN (AP) — Indonesian entrepreneur Erick Thohir and two associates signed a deal to take over a majority stake of 18-time Italian champion Inter Milan on Tuesday, becoming the second foreign owners in Serie A.
The takeover reportedly cost 350 million euros ($475 million).
Thohir, and fellow Indonesians Rosan Roeslani and Handy Soetedjo agreed to buy a 70 percent stake, Inter said on its website.
The first Serie A club to cede majority ownership to foreigners was Roma, which was taken over by a group of Boston executives in 2011.
The 43-year-old Thohir is part owner of the Philadelphia 76ers and D.C. United. He is chairman of the Mahaka Group, which has business interests in media and entertainment.
"Today is a truly special day in my life," Thohir said. "I am honored that Mr. Moratti has entrusted me with the responsibility to lead Inter into the next chapter, and I am excited to have him continue in the future as my partner. The job done by the Moratti family, from Angelo's great Inter to Massimo's treble record, has made Inter one of the most respected clubs in the world."
Thohir has also served as vice president of the Indonesian Olympic Committee and as Indonesia's chief of mission for the 2012 London Olympics.
"I am an entrepreneur but first of all I am a supporter and a sports lover," Thohir said. "I cannot wait to put our passion and international experience at the service of this fantastic club and its supporters."
It remains unclear if the 68-year-old Moratti, who has owned the club since 1995, will remain president.