Massimo Moratti ends 20-year association with Inter

Massimo Moratti has ended an almost 20-year association with Italian giants FC Internazionale by resigning his position as honorary President.

Moratti, 69, was handed that title last year after completing a majority share transfer deal to Indonesian businessman and part owner of MLS side D.C. United Erick Thohir.

There had been speculation this week that Moratti and Thohir were divided on management of the club moving forward, and that with the club currently struggling, Moratti has decided to end his time with Inter.

After just the 12 months in the new role, the petroleum tycoon has stepped down, along with his son Angelomario, Rinaldo Ghelfi and Alberto Manzonetto, directors who held Moratti’s three seats on the club’s board.

In his first reaction to the news, Thohir said he was "astonished" by Moratti's decision.

A statement from Moratti's company that holds his now minority share at the club has since surfaced to confirm the news.

“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.”

Moratti took over the club and presidency in 1995 and in an 18-year reign saw Inter collect five Scudetti, four Coppa Italias, four Supercoppa Italianas, the Champions League, UEFA Cup and Club World Cup.

After months of negotiations, he then transferred a majority shareholding in the club over to Thohir in November 2013, for a reported figure of €250m.

Moratti’s father Angelo was also club President from 1955 to 1968, during the era of La Grande Inter.