Arsenal are set to be subject of a world record £1.5 BILLION takeover bid. The Sunday Telegraph says the group will be backed by funds from Qatar and the United Arab Emirates and the offer will far exceed the £800 million paid by the Glazers for Manchester United.

The intention is to buy out Arsenal's American owner, Stan Kroenke, whose perceived weak stewardship of the club has also been called into question by frustrated supporter groups.

The cash offer, which is more than twice the amount at which Arsenal were valued two years ago, will be for 100 per cent of the club, and if successful would wipe out debts that stand at around £250 million according to the last full year's financial results.

According to a bid source, there would be substantial transfer funds made available to transform the club into a major force in European and world football. There would also be a pledge to reduce ticket prices at the Emirates Stadium - currently among the highest in the world - as well as an attempt to recreate "some of the feel of the old North Bank" at Highbury.

 Is this the news Gooners have been waiting for? But what of Usmanov? Give us your shout below...