US buyout firm Carlyle Group is reportedly in talks to make a "major" investment in Manchester United.
According to Sky News, Carlyle is one of a handful of parties vying for a minority stake in the Old Trafford club.
But the exact details of the proposal, including the investment amount and deal structure, have yet to be finalised, the report said.
Carlyle did not immediately respond to a request for comment, Reuters reported. Manchester United declined to comment.
United's American owners, the Glazer family, launched a formal sale process late last year and have received several bids, including from Qatar's Sheikh Jassim Bin Hamad Al Thani and British billionaire Jim Ratcliffe.
Sports industry news site Sportico reported this month that Manchester United would accept a third round of bids from prospective buyers at the end of April.
The Glazers bought Manchester United in 2005 for £790 million, in a highly leveraged deal that has been criticised for loading debt on to the club.
United have won the English top-flight title a record 20 times but their last triumph was in 2013.
