Manchester United Treble winner Andrew Cole says Sir Jim Ratcliffe's proposed share purchase has left fans underwhelmed.
Ratcliffe is waiting on his offer for 25 per cent of the club to be accepted.
But Cole told Betfred: "Everybody was expecting the club to be sold in its entirety.
"Will a 25% ownership from Sir Jim Ratcliffe get Manchester United back to where they're supposed to be? We need to wait and see.
"What can Sir Jim influence with 25% ownership? Will more money be spent on transfers? Can the stadium be redeveloped? Nobody knows.
Do you believe that a Manchester United fan is going to be delighted that Sir Jim could be coming into the club with a 25% share? I don't think they would be excited because so many other things have to be done at the club first."
Cole added: "Manchester United need to be competing at a higher level than they are doing currently, so does a 25% share mean that they're going to go back to the very top? I'm not quite sure that it does."