Football giant Arsenal  is reportedly set for the world's biggest ever takeover bid for a football club of 1.5 billion pounds by an unnamed Middle East consortium in the next few weeks, which, if successful, can clear debts that stand at around 250?million pounds according to the last full year's financial results.
The bid, which will dwarf the 800 million pounds paid by American company Glazers for Manchester United, will be backed by funds from Qatar and the United Arab Emirates, and the bidders reportedly want Arsene Wenger  at the helm of the club, the Telegraph reports.
According to a source, the intention of the unnamed bidders is to buy out Arsenal's American owner, Stan Kroenke, who has been criticised by frustrated supporters for his perceived weak stewardship of the club.
The source further said that there will be substantial transfer funds to transform the club into a major force in European and world football, adding that the bidders will also attempt to reduce the ticket prices at the Emirates stadium which is among the highest in the world.
The consortium is reportedly considering keeping Wenger in his position as they do not want the club to lose his expertise and football knowledge.
However, considering the fact that Arsenal have become less of a rival to the Premier League's top clubs, a source said that Arsenal is at a critical position at the moment, and the bidders may not go ahead with the deal if Arsenal goes into decline and does not succeed. (ANI )