Malcolm Glazer has launched a third attempt to buy Manchester United.
The American billionaire, who has been interested in taking over the club for the last 12 months, has approached the United board with detailed proposals.
And Glazer, who owns the Tampa Bay Buccaneers NFL team, hopes this will lead to a formal bid being accepted.
His previous bids for the club, which United supporters opposed, were rejected by the board because of the high level of debt they would incur.
Earlier this week Glazer had issued a statement to the Stock Exchange distancing himself from a new bid.
And Red Devils chief executive David Gill said in December that talks would not resume unless Glazer came up with "definitive proposals".
However, the way appears to have been cleared for the American, with a statement from United on Sunday reading: "The board can confirm it has now received a detailed proposal subject to various preconditions which may form the basis of an offer.
"A further announcement will be made in due course."
It is believed that Glazer has substantially reduced the borrowing required for his latest move.
He will still need the approval of major shareholders John Magnier and JP McManus, who own 28.9% of the club to succeed.
But the Irish duo have cut off talks with Glazer over the proposed sale of their stake, while fans remain opposed to his involvement.
Independent Manchester United Supporters' Association chairman Jules Spencer said: "Will this man not take no for an answer?
"We have made our feelings about him perfectly clear. We do not want him involved in our club.
"We do not see any way that his influence can benefit us."