Premier League giants Manchester United are preparing to leave the iconic Old Trafford Stadium to a new ground.
According to Sky Sports, the Old Trafford club, under the new leadership of Sr Jim Ratcliffe, have drawn up plans for a new 100,000-capacity stadium for the club, worth £2 billion.
Further details of the report reveal the club have concluded internally to go ahead with the ambitious project and will officially make it public at the end of 2024.
Currently, Barcelona Stadium – Camp Nou – remains the largest football stadium in the world with a capacity of 105,000. It is followed by Wembley with a capacity of 90,000.
So, Manchester United new planned stadium will be the second-largest football stadium in Europe, only behind the refurbished Camp Nou with 5000-capacity less.
The planned new stadium project was reportedly subjected to debate among members of the club’s hierarchy. Some members wanted a more feasible and less demanding route – a renovation of the current Old Trafford Stadium. Others jettisoned the idea of a renovation and canvassed for a new stadium.
Building plan and financial challenges
The estimated cost of the new stadium is £2bn. Sources close to the club reveal they are ikely to face challenges raising the needed funds for the project.
The report adds Sir Jim Ratcliffe and the Glazers family are set to pull funds together for the project but it will not be enough to generate the needed capital to see through the project.
One of the alternative funding options suggested by the club’s hierarchy is selling the naming rights of the new sports complex to a sponsor. However, fans will reportedly be consulted before utilizing the financing plan.
The club are also considering a public partnership with the UK government in their attempt to diversify financing outlets for a smooth and speedy completion of the new stadium. Current UK Prime Minister Sir Keir Starmer is said to be open to government support of the project.
Location and duration
The new stadium is reportedly planned to be cited at District Stadium, the surrounding plot of land close to Old Trafford which is owned by the club. While the date for the start of the project has yet to be decided, suggestions are that it could take the club as much as six years to complete the project.
Analysts, United legends, and fans believe a new stadium or a renovation of Old Trafford was long overdue. The Old Trafford ground is one of the oldest sports complexes in Europe.
Built in 1909 and opened in 1910, it has been used for United’s home matches for 114 years. The 73,214-capacity has undergone renovation eight times with the most recent being 18 years ago in 2006.
During Man United’s1-0 loss to Arsenal in the Premier League last season, a heavy downpour blew away some parts of the stadium’s roof, leading to a heavy flood in the edifice.
United’s majority owners, the Glazers, have suffered heavy backlash for prioritizing commercial turnovers while neglecting the sporting aspects and leaving them in ruins.
As part of the takeover deal with Sir Jim Ratcliffe, the new minority owner agreed to commit a heavy financial outlay for a rebuild of the facility. Now, attention has shifted from not just renovation but building a brand-new Stadium.
United are expected to continue playing matches in the current stadium but could be forced to ground-share with neighbors Manchester City when the building process begins around the old stadium.
