Inter Milan have confirmed that LionRock Capital has acquired a 31.05 per cent stake in the club, reports, www.sportspromedia.com/.

The Singapore-based investment firm reached a deal widely reported by Italian media to be worth €150 million with International Sports Capital HK Limited to take on the shares of former owner Erick Thohir.

The move makes LionRock the new minority owner of the Serie A club and the second-largest shareholder behind Chinese holding company Suning, which acquired a majority stake in the team back in 2016.

"In 2018, thanks to the efforts of the entire staff, of our management, coaching team and players, we have achieved strong results in sports performance, commercial growth, and marketing and media innovations," said Inter president Steven Zhang. "This gives us full confidence for the future development of the club and has led to the interest of LionRock Capital."

Founded in 2011 by Chinese-American businessman Daniel Kar Keung Tseung, LionRock already has shares in the Suning Sport group, fuelling suggestions that the company's investment is a 'bridge' deal to pave the way for Suning to assume full ownership of Inter in the future.

"We are very optimistic about the business development prospects of all sports related activities and with over 110 years of history and global influence in the football area, Inter has exciting future development potential," added Tseung, who also acts as LionRock's managing director. "LionRock Capital will fully support Inter's key objective to make the club one of the world's top football clubs both on and off pitch."

The deal ends speculation over Jack Ma's interest in Inter after it was reported earlier this month that the Alibaba founder was close to becoming a minority shareholder in the club.