Britain's takeover panel has set a deadline of May 17th for the Glazer family to announce "a firm intention" to make an offer for Manchester United.
United's directors, led by chief executive David Gill, are considering a formal reaction to the revised proposals submitted by the Glazer camp almost a fortnight ago.
Although the club has refused to comment since Mr Gill declared the board would not, there is widespread speculation they will adopt a "neutral' stance" by neither recommending nor rejecting a potential bid.
Instead, it is assumed they will refer the decision on to the shareholders, effectively placing United's future in the hands of Irish racing tycoons John Magnier and JP McManus.
The pair own a 28.9 per cent stake in the club through their Cubic Expression investment vehicle.