Italian football club Inter Milan has become the latest European club to be taken over by foreign investors.

A trio of Indonesian businessmen led by media tycoon Erick Thohir have bought a 70% stake in the club.

The club did not disclose the value of deal, but various reports estimated it to be between 250m – 300m euros ($340m; £210m – $405m; £250m).

The two sides had been negotiating for some time amid efforts by the club to bring in fresh capital.

Massimo Moratti, the president of the club, said the club’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”.

“The new partners’ enthusiasm and pragmatism are certainly a guarantee for the future,” he added in a statement.

Mr Thohir is also a co-owner of DC United, a Major League Soccer club in the US and has also served as vice president of the Indonesian Olympic Committee.

The other two partners in the deal are Rosan Roeslani and Handy Soetedjo.

Mr Roeslani also owns a stake in DC United, while Mr Soetedjo was involved in the purchase of basketball team Philadelphia 76ers of the National Basketball Association (NBA) in 2011.