Indonesian businessman Erick Thohir has signed a deal to take over a majority stake of Inter Milan, becoming the second foreign owner in Serie A.

Inter president Massimo Moratti says "everything has been signed. I believe a press release will be issued shortly."

The deal for a 70 percent stake in the club is reportedly worth 350 million euros ($475 million).

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.

Thohir is part owner of the Philadelphia 76ers and D.C. United.

It remains unclear if Moratti, who has held the club since 1995, will remain president.

Inter has won 18 Serie A titles and three European Cups.