Manchester United have unveiled plans to build a new 100,000-seat stadium next to the existing Old Trafford, aiming to provide their loyal fans modern facilities that would rival the big clubs across Europe.
"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," United's co-owner Jim Ratcliffe said in a statement.
"United is the world's favourite football club and the biggest in my opinion and it deserves a stadium befitting of its stature.
"It's more challenging to build a stadium of 100,000 but I think the UK needs a stadium of that kind of presence and the north of England I think is the best place to build it."
Manchester United said it plans to build the new stadium next to its existing Old Trafford site. The historic venue has the league’s highest capacity at over 74,000, but its leaky roof and other deteriorating facilities have aged badly compared to Premier League clubs including crosstown rivals Manchester City and Tottenham Hotspur in London.
Ratcliffe had been open about his desire for a new, state-of-the art facility since he became a minority owner in February of last year, and the club had been studying whether to redevelop the existing stadium or build a new one.
As things stand, United are unlikely to face any need to relocate during the construction process.
“Our current stadium has served us brilliantly for the past 115 years, but it has fallen behind the best arenas in world sport,” Ratcliffe added. “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 did not reveal how much the stadium would cost or reveal a timeline for its completion, but architect Norman Foster said building work would take five years. The BBC reported that the venue will cost around £2 billion.
British billionaire Ratcliffe paid $1.3 billion for an initial 25% stake in United last year and made a new stadium one of his priorities.
The possibility of redeveloping Old Trafford was considered but an entirely new construction emerged as a better option.
Wembley is currently the biggest stadium in the UK with a capacity of 90,000. Twickenham, which is home to the national rugby team, holds 82,500.
The move to a new ground has been backed by former United boss Alex Ferguson, who won 13 Premier League titles during his reign of more than 26 years.
"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," Ferguson said.
"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."
Sebastian Coe, who chaired the Old Trafford regeneration task force, said Tuesday "marks an important step forward in what I firmly believe can be the biggest and most exciting urban regeneration project in the UK since the 2012 London Olympics".
United hope the stadium can be built in five years, with sections to be constructed off site and transported along the Manchester Ship Canal.
Regarding the financing of the project, chief executive Omar Berrada added: "It's a very attractive investment opportunity so we're quite confident we'll find a way to finance the stadium."
