Manchester United has unveiled an ambitious plan to regenerate the area surrounding its iconic Old Trafford stadium.
The project, which is estimated to cost £2 billion, could generate a staggering £7.3 billion annually to the British economy,according to an economic feasibility study commissioned by the club.
The redevelopment plans involve building a brand-new 100,000-seater stadium or renovating the existing 74,000-capacity Old Trafford. In addition to the stadium, the project would also include a mixed-use neighborhood featuring apartment blocks, shopping centers, and new public transport stations.
The economic benefits of the project are substantial. Oxford Economics, a global advisory firm, has estimated that the redevelopment could create 92,000 new jobs, deliver more than 17,000 new homes, and attract an additional 1.8 million visitors per year to the area.
Could this be a glimpse of a new home for Manchester United? 🔍
The Red Devils' plans to regenerate the Old Trafford area have taken another step forward today 🔴 pic.twitter.com/WQAu5PLcNO
— Sky Sports News (@SkySportsNews) September 23, 2024
The project is being spearheaded by United co-owner Jim Ratcliffe, a British billionaire who acquired a minority stake in the club earlier this year. While Ratcliffe initially hinted at the possibility of seeking government assistance to fund the project, he has since ruled out that option.
The redevelopment plans are being developed by renowned architects Foster + Partners, who have been appointed by Manchester United to work on the project. The club is also seeking feedback from fans, with former United captain Gary Neville urging supporters to participate in the consultation process.
The proposed redevelopment of the Old Trafford area has received widespread support from local officials and community leaders. Mayor of Greater Manchester Andy Burnham has backed the project, emphasizing its potential to transform the region and create a lasting legacy.
