Massimo Moratti ends his 20-year association with Inter Milan.

Changing hands: FC Internazionale Milano new president Milano Erick Thohir and honorary president Massimo Moratti attending conference in Milan.

Massimo Moratti has stepped down as the honorary chairman of Inter Milan and ended a 20-year relationship with the Italian club. The position was given to Moratti after he had completed the transfer of his major shares in the club to the Indonesian businessman Erick Thohir. But after just 12 months in charge, the 69-year-old vacated the seat along with his directors in his board, his son Angelomario, Rinaldo Ghelfi and Alberto Manzonetto.

Differences between the two tycoons

Football Italia reported that a statement was released by Moratti’s company, which still holds 29.5 per cent stake in Inter Milan:

“Internazionale Holding Srl, a company headed by Massimo Moratti and his sons Angelomario Moratti and Giovanni Moratti, and holds 29.5 per cent of Fc Internazionale Milano Spa communicates that today Angelomario Moratti, Rinaldo Ghelfi and Alberto Manzonetto have each individually resigned their posts as director at Fc Internazionale Milano Spa.

“Internazionale Holding Srl also announces that Massimo Moratti has today resigned as honorary President of Fc Internazionale Milano Spa kindly offered to him by Erick Thohir in November last year.”

There have been speculations this week that the Italian petroleum tycoon and the Indonesian businessman were divided on the future of the present Inter Milan coach Walter Mazzarri. Moratti, also a United Nation Goodwill Ambassador,had taken over the club and became the president in 1998 and in his 18-year rule at San Siro, he has managed to win five Scudetti, four Coppa Italias, four Supercoppa Italianas, the Champions League, UEFA Cup and Club World Cup. In November 2013, he sold his major shareholding to Thohir for a reported figure of €250m.