The Financial Times reports that the other members of the group include Manchester-born Mark Rawlinson, partner at leading law firm Freshfields and advisor to Manchester United in 2005 when it was trying to stave off the eventually successful hostile takeover bid from current owners, American family the Glazers. Also involved is Keith Harris, the well-known football finance advisor and chairman of investment bank Seymour Pierce; and Paul Marshall of hedge fund Marshall Wace.

O'Neill organised a meeting yesterday at Freshfields' offices to discuss the plan. Corporate PR firm Finsbury has been hired to represent the group.

The group believes it can raise a fund of £1 billion, but the FT reports that convincing current Manchester United owners the Glazers to part with their stake in the club could be a difficult task. The American family says the club is not for sale.