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Following an extraordinary general meeting on Friday, the new Nerazzurri owner was confirmed as the club's new president, ending the Italian oil tycoon's 18-year tenure

Inter owner Erick Thohir has become president of the club, ending Massimo Moratti's 18-year spell in charge following an extraordinary general meeting on Friday.

Both the Indonesian business man, who bought a majority stake in the club in October, and the 68-year-old Italian are looking forward to a new era for the Nerazzurri.

"I am truly pleased I have found the new owners of this glorious club," Moratti told the club's official website.

"I am convinced they are more than equipped to keep on adding new successes to our beloved colours. Personally I feel honoured I have been the President of Inter for so many years."

Moratti took control of the Nerazzurri in 1995 from Ernesto Pellegrini and, under his stewardship, the club won five Serie A titles and an unprecedented treble in 2010, which included the Champions League.

Thohir paid tribute to the 68-year-old and his partners Rosan Roeslani and Handy Soetedjo who together now own 70 per cent of the club.

"I really want to thank my friend and new partner Massimo Moratti for the trust and support, and thank also my partners Rosan and Handy, whom I’ve known for more than 20 years," Thohir said.

"I want also to thank our families. Most of all, thanks to our supporters all around the world and wherever I met them, on Twitter or personally.

"This is a truly special day in my life. Inter is a magnificent story of passion, a tradition of winning and commitment to excellence. As Giacinto Facchetti said, 'The secret of every triumph lies in your own belief'. Our belief lies in our passion and our passion will pave the way for Inter's future success. Forza Inter."

With the new arrangements Moratti will no longer have a place on the board but has been named as an honourary president.