Manchester United’s owners are considering a massive £2 billion investment in a new 100,000-seat stadium, with a decision expected by the end of 2024.
Co-owner Sir Jim Ratcliffe envisions a “Wembley of the north” for the team, and a taskforce has been assembled to evaluate the feasibility of the project.
The taskforce, chaired by Lord Sebastian Coe and including Greater Manchester Mayor Andy Burnham and former Red Devils captain Gary Neville, has already met four times to discuss the proposal.
READ MORE: OpenAl Moves To Enhance Access To Information, Launches New Search Engine
While no decision has been made, sources confirm that the focus is on building a new stadium rather than renovating the existing Old Trafford, which would cost around £1.2 billion and take longer to complete.
Ratcliffe’s £1.25 billion deal for his 27.7% stake in the club included £237 million for future investment in the stadium.
The new stadium would reflect Manchester United’s industrial city roots, with plans to relocate the statues around the current stadium to the new ground.
Financing the project is still under discussion, with Ratcliffe seeking local and national government involvement in funding transport links.
Manchester United’s current debt stands at £647.5 million, excluding outstanding transfer fee payments.
The club’s chief operating officer, Collette Roche, has been evaluating stadium redevelopments worldwide, including the Optus Stadium in Perth and Real Madrid’s renovated Bernabeu Stadium.
Discussions have also taken place with officials at the 70,000-capacity SoFi Stadium in Los Angeles.
