Former Barcelona striker Hristo Stoichkov will be named as the new president of Bulgarian giants CSKA Sofia, according to a local media report.

Stoichkov is to be announced as CSKA’s new president and owner, Tema Sport says.
The report comes as a surprise, since Stoichkov was recently appointed as CSKA’s coach. Local media say the club would now seek to appoint a new coach.

Several businesspeople, including former Litex Lovech owner Grisha Ganchev, will take over the financially troubled club, according to the report.

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

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.