Manchester United on Tuesday announced plans to build a new 100,000-seater stadium on club-owned land adjacent to the existing Old Trafford, Afrosport reports.
This comes after months of deliberation on whether to develop the existing stadium or build a new world-class one.
United plans to complete the new stadium in the next five years, which will bring an end to their 115-year stay at Old Trafford, which can house up to 74,000 spectators.
Co-owner Sir Jim Ratcliffe has reiterated his desire to build the “world’s greatest football stadium” as part of his long-term plan to return United to the top of English and European club football.
“Today marks the start of an incredibly exciting journey to the delivery of what will be the world’s greatest football stadium, at the centre of a regenerated Old Trafford,” said Ratcliffe.
“Our current stadium has served us brilliantly for the past 115 years, but it has fallen behind the best arenas in world sport. By building next to the existing site, we will be able to preserve the essence of Old Trafford, while creating a truly state-of-the-art stadium that transforms the fan experience, only footsteps from our historic home.”
United revealed that the project, which will be designed by architecture group Foster and Partners and will form part of a wider regeneration of the Old Trafford area, has the “potential to deliver an additional £7.3 billion per year to the UK economy”.
The construction of the new stadium can potentially create about 92,000 new jobs and 17,000 new homes.
United chief executive, Omar Berrada, said: “Our long-term objective as a club is to have the world’s best football team playing in the world’s best stadium. We are grateful for the feasibility work done by the Old Trafford Regeneration Task Force exploring options for the future of Old Trafford.
“We have carefully considered its findings, together with the views of thousands of fans and local residents and concluded that a new stadium is the right way forward for Manchester United and our surrounding community. We will now embark on further consultation to ensure that fans and residents continue to be heard as we move towards final decisions.”
Former United manager Sir Alex Ferguson, added, “Manchester United should always strive for the best in everything it does, on and off the pitch, and that includes the stadium we play in. Old Trafford holds so many special memories for me personally, but we must be brave and seize this opportunity to build a new home, fit for the future, where new history can be made.”
Meanwhile, Lord Norman Foster, founder and executive chairman of Foster and Partners said the project is “one of the most exciting in the world today”.
He added: “It all starts with the fans’ experience, bringing them closer than ever to the pitch and acoustically cultivating a huge roar.
“The stadium is contained by a vast umbrella, harvesting energy and rainwater, and sheltering a new public plaza that is twice the size of Trafalgar Square. The outward-looking stadium will be the beating heart of a new sustainable district, which is completely walkable, served by public transport, and endowed by nature. It is a mixed-use miniature city of the future – driving a new wave of growth and creating a global destination that Mancunians can be proud of.”
United are currently about £1 billion in debt, and it is unclear where the money for the stadium will emerge from after Ratcliffe on Monday spoke about the current financial problems of the team, which he said would have been left with no cash unless for his cost-cutting schemes.
The Red Devils have also not had the best of seasons this campaign, as they currently sit 14th in the Premier League standings with 34 points after 28 games.
