OXFORD United’s Indonesian investors want to buy the majority stake in the club.

The group are understood to have made an offer for a minimum holding of 51 per cent, which would give them outright control over the U's.

They are hoping to conclude the transaction in the coming weeks and must submit a business plan to the English Football League (EFL).

Neither United nor their chairman Sumrith ‘Tiger’ Thanakarnjanasuth, who currently holds the largest stake, were able to comment on the deal.

Read also: Oxford United chairman reveals cost of Covid

But The Telegraph reports former U's board member Erick Thohir is involved with the consortium, which they say includes wealthy backers from South Africa and Vietnam.

Thohir was a United director between November 2018 and October 2019, but was forced to step down after being appointed Indonesia’s ‘state-owned enterprises minister’.

He owned Italian giants Inter Milan between 2013 and 2019 and has also been majority shareholder at MLS club DC United.

The U’s board currently consists of Tiger, Indonesia-based Anindya Bakrie and German Horst Geicke, who lives in Hong Kong.

Bakrie, 46, became a director in April 2019 and has longstanding connections with former U’s board member and countryman Erick Thohir.

The entrepreneur has previously been involved in media and telecommunications in Indonesia, working with Thohir to run a television network in the country.

Tiger has been United’s owner since February 2018, when he completed a takeover of the club from Darryl Eales.

The chairman revealed earlier this month that the coronavirus pandemic had cost the U's an estimated £2.3million.

But Tiger also previously said United’s accounts for the year ending June 2020, which are expected to be published soon, will show a profit.

Earlier this week, head coach Karl Robinson said he wanted to make the U's a 'top-30 club in England'.