Sir Jim Ratcliffe is in favor of building a new stadium for Manchester United rather than redeveloping Old Trafford, a source has told ESPN.
The club has formed a working group to assess options to “regenerate the Old Trafford area of Greater Manchester”, including Manchester mayor Andy Burnham and former United captain Gary Neville.
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It will be chaired by Lord Sebastian Coe, who headed the London Olympics organizing committee in 2012.
A source told ESPN that United have already rejected options including abandoning the Old Trafford site, but new co-owner Ratcliffe is leaning towards building a new 90,000-seat stadium rather than investing in the existing one.
“This can be a major regeneration project for an area of Greater Manchester that has played such a key role in British industrial history, but which today requires new investment to thrive again,” Ratcliffe said when the task force was unveiled. on Friday.
“The north-west of England has a greater concentration of big football clubs than anywhere else in the world, but we don't have a stadium the size of Wembley, the Nou Camp or the Bernabeu.
“We won't be able to change that on our own, which is why this task force is so important in helping us take advantage of this once-in-a-century opportunity.”
One of the aspects that the working group will analyze is how the club will pay for the project.
A source told ESPN that United could fund a gradual redevelopment of Old Trafford, but that an entirely new stadium, which could cost up to £2 billion ($2.57 billion), would require outside investment.
“I am incredibly fortunate to have had the privilege of playing hundreds of games at Old Trafford and no one can take those wonderful memories away from me,” Neville said.
“But Old Trafford has evolved throughout its history and it is clear that we are at a point where it has to change again to ensure Manchester United have a world-class stadium worthy of the best club in the world.
“While I want the best for Manchester United, I also want the same for the community around me.
“Old Trafford should be a stadium that all of Greater Manchester can be proud of and be a catalyst for sustainable and cohesive growth in an area of the city that has been neglected for too long.”
