Analysis: If Mr John Magnier and Mr JP McManus raised their shareholding in Manchester United by another 1.1 per cent to 30 per cent, they would be obliged to make a full-blown bid for Manchester United.
While this may be painfully close for the club's board and fans, sources believe the racing tycoons are still not interested in purchasing the entire club through their investment vehicle Cubic Expression.
Cubic could have bought all of Dutch media tycoon Mr John de Mol's stake if they wanted it, the sources pointed out last night. This would have taken Cubic beyond the 30 per cent trigger point for a takeover bid.
The decision not to buy up Mr de Mol's total 4 per cent stake at this time was described as significant by sources.
Mr McManus and Mr Magnier were deliberately staying just below 30 per cent and structuring their share purchases on that basis, said a source.
Stock market rules oblige them to make a bid for the remaining shares, if their stake rises over 29.9 per cent.
Why the two racing figures are doing this still remains unclear. However it appears that talks are now likely between their representatives and the club. These could lead in time to representation for the investors on the Manchester United board or, if relations break down, to the duo seeking an extraordinary general meeting to address their concerns.
At the moment, the frosty atmosphere between the businessmen and the club appears to be thawing a little. Informal contacts are understood to have taken place and the club is believed to have softened its tone in correspondence with Cubic in recent days.
Sources point out if the club shows a willingness to deal with various corporate governance concerns, an accommodation with Mr Magnier and Mr McManus may be possible. The next couple of weeks should show if this is possible.
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