The Red Knights consortium does not expect to make a bid for Manchester United before the end of the season. The group of wealthy United fans confirmed earlier this month they were considering the feasibility of putting a proposal to the Glazer family, the club's owners.
Since then the consortium, which includes Goldman Sachs chief economist Jim O'Neill and leading football deal-maker Keith Harris, have progressed with their planning.
A statement from the Red Knights read: "In the next few weeks we will continue to work on our proposal. We do not expect this to be finalised before the end of the current football season.
"This will have the advantage of minimising external distractions as the team enters the decisive period of the season."
Meanwhile, Portugal winger Nani has committed his future to United by signing a new four-year contract.
The 23-year-old had two years to run on his previous deal, which he signed when he joined from Sporting Lisbon in 2007.
That has now been replaced by the new commitment which takes Nani through to June 2014.
United manager Alex Ferguson believes Nani is fulfilling the potential he had when he moved to Old Trafford.
Ferguson said on www.manutd.com: "Nani is an emerging talent within the team and has developed tremendously since joining the club. We are delighted he has signed a new contract and I am sure he will have a long and successful future here at Manchester United."
Nani said: "I am delighted to have signed a new contract. It has been like a dream come true to play for Manchester United.
"The coaching staff have taught me so much about the game and I'm playing alongside some of the best players in the world. I'm looking forward to winning many more trophies with this team."