Manchester United have now confirmed how they plan to fund their ambitious plans to build a new 100,000-seater stadium.
Ambitious plan
In March last year, United announced their intention to pursue a new 100,000-seater stadium as the centrepiece of the regeneration of the Old Trafford area.
It’s believed that the project will eventually contribute to the construction of 17,000 new homes and the creation of 92,000 new jobs. It has been earmarked to add over £7bn per year to the UK economy.
United unveiled conceptual images and scaled models of what the new stadium and surrounding area could look like once completed. Co-owner Sir Jim Ratcliffe said it will be “the world’s greatest football stadium.”
What has been in question is how the project will be financed. Ratcliffe suggested that some public funds should be directed towards the new stadium. This proposal was quickly shot down by Andy Burnham, the Mayor of Manchester, although the surrounding infrastructure could still receive such support.
Now, United have confirmed that the new state-of-the-art arena will be financed privately.
The Red Devils have further noted that “positive discussions” are ongoing regarding the matter.
Old Trafford update
A United spokesperson said during the March Fan Forum, “Our proposed new stadium will be financed privately, and we continue to have positive conversations with potential investors and all stakeholders.”
Asked if Ratcliffe’s controversial immigration comments could harm the club’s relationship with the government, the spokesperson answered, “Our strong relationships with local and national government have been built over many years. The Old Trafford Regeneration project has strong stakeholder support.”
“It’s a once-in-a-lifetime opportunity to build not only the world’s best football, but also a transformational programme supporting national economic growth at scale.”
“Delivery of 15,000 new homes, including affordable housing, creation of 48,000 local jobs and over 90,000 nationally, and a long-term economic contribution of £7 billion per year to the UK economy.”
United appointed Collette Roche as their Chief Executive Officer, New Stadium Development, in January to formalise her role in the Old Trafford Regeneration project.
The club spokesperson said about this, “She has been closely involved in the progress we’ve made so far on the pathway toward a new stadium, and her appointment formalises that work.”
“The new role gives Collette and the club a much sharper focus on what we need to deliver: the world’s best football stadium. It’s a clear signal of commitment, and an important step forward as we move from vision to delivery.”
Meanwhile, United return to action on April 13 when they host arch-rivals Leeds United.
Featured image Carl Recine via Getty Images
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