Bulgarian national coach Lyuboslav Penev is likely to take charge of CSKA Sofia, according to media reports.

The report follows allegations that the club’s recently appointed coach, former Barcelona striker Hristo Stoichkov, would be named as CSKA’s new president and owner.

Penev will remain at the helm of the national team, Gong.bg says.

Meanwhile, reports have also emerged that CSKA would merge with Neftochimic Burgas in an attempt to clear its debts.

The report is yet to be confirmed or denied by either CSKA or Neftochimik. 
CSKA would be barred from Europa League this season if the merger takes place.
Previous reports said the club was likely to merge with Litex Lovech.