The Manchester United Supporters Trust (MUST) said Thursday that any new owner of the Premier League club must be willing to invest heavily to restore its former glory amid speculation of a sale by the Glazer family.

British billionaire Jim Ratcliffe has expressed an interest in buying United after Tesla founder Elon Musk said a Twitter post in which he said he planned to buy the club was part of "a long-running joke."

The club's owners, the American Glazer family, are under pressure with United sitting bottom of the league after two games of the new season. Bloomberg reported they would consider selling a minority stake, opening the door for Ratcliffe.

"Speculation is mounting about a potential change of ownership or new investors at Manchester United. Whilst supporters have called for change, of course this has to be the right change," MUST said in a statement on Twitter.

"Any prospective new owner or investor has to be committed to the culture, ethos and best traditions of the club. They have to be willing to invest to restore United to former glories, and that investment must be real new money spent on the playing side and the stadium."

A new ownership structure must embed supporters and include fan share ownership, the group added.

United has lost both its league games under new boss Erik ten Hag and hosts bitter rival Liverpool on Monday.

Ratcliffe enters the fray

Earlier Wednesday Ratcliffe's spokesperson told The Times that the British billionaire was interested in buying the club.

"If the club is for sale, Jim is definitely a potential buyer," Ratcliffe's spokesperson said. "If something like this was possible, we would be interested in talking with a view to long-term ownership."

Ratcliffe, head of chemical company INEOS, is from the Manchester area and a long-standing fan of the club.

"This is not about the money that has been spent or not spent. Jim is looking at what can be done now and, knowing how important the club is to the city, it feels like the time is right for a reset," the spokesperson added.

Ratcliffe failed this year in an attempt to buy London club Chelsea, which was ultimately bought by an investment group led by Todd Boehly and Clearlake Capital.