US tycoon Malcolm Glazer is considering "potential revisions" to his proposed takeover offer for Manchester United, the football club has said.
Shares in the club had jumped in early trade, to stand 3.5% higher at 290p following weekend reports that Mr Glazer had decided to launch a bid.
Reports claimed he had secured funding for an £800m offer for the club.
However, United added talks with the tycoon would not reopen until he submitted a definitive proposal.
"The Board of Manchester United confirms ... that at a shareholder meeting the Glazer Family Partnership has indicated, on a very preliminary basis, potential revisions to its previous proposal," the club said in a statement.
An earlier bid by Mr Glazer - owner of the Tampa Bay Buccaneers - was snubbed by the club over debt worries.
Relations strained
Media speculation suggests the latest offer will involve Mr Glazer taking on significantly less debt.
Relations between Mr Glazer and the Old Trafford-based club have turned decidedly frosty since the club turned down a takeover offer last month, reportedly worth £790m.
Since then Mr Glazer - who has spent £65m on building his stake in the club to 28.11% - has used his leverage at United to oust three senior board members.
The relegation of Maurice Watkins, Philip Yea and Andy Anson at last month's club AGM is thought to have cost Mr Glazer the support of investment banker JP Morgan, which dropped him as a client a day after the boardroom coup.
The events prompted the Takeover Panel - a regulatory body which ensures that the rules are followed during takeovers and mergers involving listed companies - to say it was keeping a close eye on the United saga.
The Panel's admission followed an open letter from fans' group Shareholders United, which urged United chief executive David Gill to call on the Takeover Panel to order Mr Glazer to clarify his intentions for the club.
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