Sir Jim Ratcliffe's deal to take a 25 per cent stake in Manchester United may not be completed in time for the opening of the January transfer window.
It had been hoped that the investment, of around £1.4billion, would be ratified at a board meeting which is due to be held on Thursday afternoon.
However, lawyers are continuing to work on the finer details of what is a complex agreement, and insiders have warned that a final agreement could take 'weeks'.
Should that be the case, New York Stock Exchange and Premier League requirements would make it unlikely that the British petrochemicals billionaire, who is expected to take control of football operations, would be in at Old Trafford for the turn of the year.
Mail Sport understands that United are not planning major moves in January.
Given compliance with financial fair play rules, the view within the club is that players - such as Harry Maguire - would need to be sold or depart on loan to free up space to bring in new faces.
Sources close to the bid team of Sheikh Jassim, Ratcliffe's main rival who dramatically withdrew his offer for 100 per cent of the club over the weekend, say there is 'zero chance' that he will return to the table.
The meeting of the 12-strong board, which takes place this afternoon to allow those in the US to attend virtually, was pre-planned, with the intention to discuss financial matters.
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