Indonesian business tycoon Erick Thohir has been appointed as chairman of Inter, the Serie A club said yesterday as former owner Massimo Moratti’s 18-year reign came to an end.

In a statement, Inter said its shareholders had named a new slimmer eight-member board of directors headed by Thohir, adding that Moratti had been appointed honorary chairman.

The International Sports Capital consortium owned by Thohir and his two Indonesian partners Rosan Roeslani and Handy Soetedjo paid €75 million and took on all of Inter’s debt of about €180 million in exchange for a 70 per cent stake in the soccer club, Moratti told Reuters.

“I will be paying €25 million into the club at a later date as part of the deal,” Moratti said.

The Indonesians carried out a 10-million-euro capital increase to take over the club and paid another €65 million as a premium on the shares bought to reach a 70 per cent stake, a source close to the club said.

The deal values the club at around €350 million, the source added.

Moratti, whose family controls Italian oil refiner Saras, has been in charge of all operations at Inter since 1995.

Thohir, who is part owner of Major League Soccer club DC United and basketball team Philadelphia 76ers, said he aimed to use his experience and reach to increase the Inter fan base in Asia and the United States.

“To compete with other clubs and tackle all the new regulations coming in it is important for us to make sure the club will be stronger. We need to be healthy economically and financially to compete internationally,” Thohir said.

Inter have fallen on hard times since their 2010 trophy treble, which included a Champions League final victory over Bayern Munich.

They finished just ninth in Serie A last season to miss out on a place in the lucrative UEFA Champions League.