Elliott Investment Management has made it through to the second stage of the process around the potential sale of Manchester United.
Representatives of the US firm were at Old Trafford on Thursday night to watch the 4-1 win over Real Betis.
The firm are not looking to buy the club, but rather help fund either external bidders or the Glazer family if they decided to stay on as owners.
The Glazer family said in November they were considering selling the club.
The only two public bids so far have come, from Sir Jim Ratcliffe, through his petrochemicals firm Ineos, and Qatari businessman Sheikh Jassim bin Hamad Al Thani.
Elliott's continued involvement has been seen as an indication the Glazer family are looking to remain at the club, as the US firm's money could be used to redevelop Old Trafford and the club's Carrington training ground.
However, the US-based hedge fund could make funds available to anyone.
Senior Elliott staff met United officials on Thursday before attending the Europa League last-16 tie at Old Trafford.
The Elliott Group previously owned AC Milan before the Italian club was sold to American investment group RedBird Capital in August 2022.