Iranian-American billionaire Jahm Najafi, chair of MSP Sports Capital, is set to launch a $3.75 billion takeover bid for Premier League soccer club Tottenham Hotspur, a source familiar with the matter told Reuters on Wednesday.

Tottenham declined to comment when contacted by Reuters.

Earlier, the Financial Times reported MSP Sports Capital is working with a consortium of investors to structure the bid and that it is weeks away from formally approaching the club's owner Joe Lewis and chair Daniel Levy.

The report said that the Najafi and MSP-led offer would value Tottenham, who are fifth in the Premier League, at approximately $3 billion before adding about $750 million of debt on the club's books.

It added that MSP and its partners will put forward 70% of the purchase price, while backers from the Gulf, mainly from Abu Dhabi, will contribute the rest 30%.

Najafi is also a minority shareholder in the National Basketball Association team Phoenix Suns.

Tottenham, currently managed by Antonio Conte, have 39 points after 23 games in the league this season and sit two points outside the top four.

The north London club last won a trophy in 2008 when they lifted the League Cup.

Other Premier League clubs such as Manchester United and Liverpool are also seeking investment, with Qatari investors preparing to make a bid to buy United while Jim Ratcliffe's company INEOS formally entered the bidding process last month.