US-based private equity group Carlyle are reportedly the latest party to show an interest in purchasing a stake in Manchester United.
The Red Devils' unpopular owners the Glazer family announced back in November that they would consider "strategic alternatives" to their ownership, including a full sale.
Sir Jim Ratcliffe and Sheikh Jassim bin Hamad Al Thani have since emerged as the two leading candidates for a full takeover, but neither bidder has met the Glazers' asking price.
Man United's current owners are believed to be holding out for a fee of £6bn to sell the club, whereas second bids from Ratcliffe and Sheikh Jassim stopped at the £5bn mark last month.
Finnish entrepreneur Thomas Zilliacus has also retained an interest in buying the club, and the process is now understood to have entered a third round of bidding, which Zilliacus is not willing to get involved with.
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However, as interested parties struggle to find common ground with the Glazers, the American family could remain in control of the club and accept an offer for a minority stake.
According to BBC Sport, Carlyle have joined the list of potential funders and have been in contact with Raine Group - the investment banking firm overseeing the takeover process.
Carlyle are said to be interested in acquiring a stake instead of just providing financing, which would increase Man United's extortionate debts of nearly £1bn.
The private equity firm are just one of several parties in the running for a minority stake, though, with Elliott Investment Management - who previously owned AC Milan - still interested.
Ares Management and Sixth Street have also thrown their hats into the ring, although a full takeover is not off the cards, as Sheikh Jassim could make a revised offer within the next couple of weeks.
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With Ratcliffe not thought to be willing to clear the club's debts, Sheikh Jassim is still understood to be the frontrunner to end the Glazers' highly controversial full takeover in May 2005.
Man United fans have frequently protested against the Americans' ownership due to their club being saddled with debt, as well as their intention to join the breakaway European Super League in 2021.
However, the doomed project fell apart amid fan and player backlash, leading to Red Devils supporters holding protests outside Old Trafford and even breaking into the stadium during one demonstration.
The disorder led to Man United's top-flight clash with Liverpool being postponed - the first time in history that a Premier League fixture was postponed due to fan protests.
Ben Knapton
