The Red Knights consortium has admitted it does not intend to make a bid for Manchester United before the end of this season.
The group of United supporters been advocating a change of ownership at Old Trafford and is considering the feasibility of making a proposal.
A statement said: “We will continue to work on it but do not expect it to be done before the end of the season.”
United are owned by the Glazer family, who paid £800m for the club in 2005. But the terms of their purchase has seen the club take on board a growing debt – currently estimated at £716.5m – prompting unease amongst supporters’ groups, who have vented their frustration at the Americans.
The Red Knights, made up of a group of wealthy United fans, has recruited the Japanese investment bank Nomura to help compile a bid which for the club.
Their statement added: “The Red Knights have been liaising with the Manchester United Supporters Trust, and their representatives were at our first meeting on 2 March. They remain closely involved with our plans.
“On 12 March we involved Nomura as our adviser. Since then they have been speaking to and meeting many potential Red Knights who have contacted us since our interest was made public.
“These potential Red Knights have offered ideas and support and, with the help of this input, our plans have been developed further.”
The Glazers, meanwhile, have insisted that the club is not for sale and manager Sir Alex Ferguson has publicly backed the Americans.