Manchester United may offer Malcolm Glazer, the US tycoon, a seat on the board if he agrees to shelve plans to bid for the club for a year.
David Gill, chief executive of Britain's biggest football club, is prepared to offer a peace deal even though Glazer voted three non-executives off the United board after Gill refused to allow him to go though the club's books prior to making a planned £800m takeover bid.
An industry source said: 'What the board wants is a one-year stand-off to allow the directors to concentrate on the everyday affairs of the club, not on wrangling with potential bidders.'
Glazer's bid collapsed after the board objected to the fact that his takeover would involve saddling United with hundreds of millions of extra debt. Gill then stopped Glazer from carrying out full due diligence. But Glazer could yet return with a new offer, or launch a hostile bid.
For now, though, Gill and chairman Roy Gardner are desperate to restore stability at United, where Glazer is sitting on a 28.1 per cent stake. They fear he could use the shareholding to disrupt the club's affairs again.
But there is no guarantee that Glazer will agree to a one-year moratorium, despite Gill adopting a conciliatory stance when he spoke to Glazer's sons, Joel and Avi, on the telephone last week. It is understood that Gill is prepared to meet the family in Florida, where they own the Tampa Bay Buccaneers American football franchise.
But he will only travel to the US if he believes an accord is possible. 'That is by no means certain at this stage,' said a City source, who added: 'This is a very fluid situation, and things could change very quickly. It is not inconceivable that Glazer could become a seller if he cannot find new financial backers.'
His previous backer, US bank JP Morgan, dropped out after Glazer blocked the reappointment of United's non-executives. One possible buyer of Glazer's stake could be Keith Harris, the City investment banker and life-long United supporter who is trying to raise funds to buy enough shares to ensure that United is kept out of Glazer's clutches.
Harris may also target the 29 per cent stake held by Irish horse racing millionaires John Magnier and JP McManus. Glazer has also attempted to woo the Irish, but to no avail.