Inter Milan will begin a new era under foreign ownership, with Indonesian company International Sports Capital having purchased a majority stake in the Serie A club on Tuesday.
The Nerazzurri club announced they had reached a binding agreement over the sale of a 70 percent stake of Inter to ISC, led by Indonesian billionaire Erick Thohir.
Italian businessman Massimo Moratti, who has owned Inter for the last 18 years, is set to remain with some role within the club and keep a 30 per cent stake.
"Today is a truly special day in my life," Thohir told www.inter.it.
"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. I am an entrepreneur, but first of all I am a supporter and a sports lover."
Inter becomes the second Serie A club to be foreign-owned - Roma have been controlled by an American consortium since May 2011.
Thohir is part-owner of the NBA's Philadelphia 76ers as well as the owner of two basketball teams in Indonesia, and is a part-owner of Major League Soccer club DC United.
"I cannot wait to put our passion and international experience at the service of this fantastic club and its supporters," 43-year-old Thohir said.
Moratti's family have owned or been directors at Inter for nearly half a century.
He bought the club in 1995 from Ernesto Pellegrini, following in the footsteps of his own father Angelo, who owned Inter from 1955 to 1968, during the side's 'golden age'.
The Milan-based club have won the league title 18 times, five under Massimo Moratti, and have also lifted the European Cup on three occasions.
"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, for their prowess on the pitch as well as their involvement in the community," Thohir said.
Since winning the treble - Champions League , Serie A title and Coppa Italia - in 2010, the club have seen a huge overhaul of players and backroom staff to cut down costs.
Inter endured a disappointing campaign last season which saw them finish ninth in Serie A and miss out on European football this term.
"I think Inter's history is going to be enriched by a new season thanks to our new international partners who, I am sure, will contribute to a continued string of successes," Moratti told www.inter.it.
"The new partners' enthusiasm and pragmatism are certainly a guarantee for the future."
Inter have a board meeting scheduled for October 28 which will be led by Moratti.
Moratti said he did not know whether the formalities of the takeover would be completed in time for that meeting, or whether an extraordinary meeting would be required thereafter to confirm the new board.
Inter lie fourth in Serie A, seven points behind league leaders Roma after seven games, and play at Torino on Sunday.