The Red Knights, a collection of financial figures including former Football League chairman Keith Harris and Goldman Sachs chief economist Jim O'Neill, said they would continue to work on their proposal over the next few weeks but do not expect anything to be finalised before the end of the season in May.
"This will have the advantage of minimising external distractions as the team enters the decisive period of the season," the group said in a statement on Friday.
The club's debt has since swelled to about 716 million pounds, intensifying unrest among supporters. However, analysts and bankers who follow the Glazer family have said they do not expect them to sell.
"These potential Red Knights have offered ideas and support and with the help of this input, our plans have been developed further," the group said.
Manchester United are top of the Premier League, one point ahead of Chelsea and two ahead of Arsenal with seven matches left.
