According to Talk Sport, implementing the master plan for Manchester United’s iconic Old Trafford’s re-development could boost the UK economy by over £7 billion annually.
The new owners of the Premier League giants are considering moving the team to a different site, either by renovating the current stadium or by building a new one. United’s iconic “Theatre of Dreams” is the second largest stadium in England, with a capacity of 74,310.
A video showing water cascading from the roof after the Manchester United vs Arsenal match in May, ruined the famous stadium’s reputation.
INEOS Group, led by new owner, Sir Jim Ratcliffe, announced plans to renovate the club’s famous stadium after acquiring a 25% stake. Additionally the owners have also proposed including an entirely new stadium in their inclusive plans.
What Do We Anticipate?
According to global advisory firm Oxford Economics, Manchester United’s redevelopment of Trafford Park has the potential to increase the UK economy by as much as £7.3 billion. The Club released more information about the plan that emphasizes a new stadium with a capacity of 100,000.
The club engaged Oxford Economics to examine the financial credibility of the project, and they provided detailed projections on the project’s significant influence. The Project could create 92,000 new job opportunities, build over 17,000 new residences, and attract an additional 1.8 million visitors each year.
They will construct the Red Devils’ new stadium on nearby property. They intended to maintain Old Trafford instead of tearing it down and to repurpose it as a smaller secondary location
Wembley Of The North
Sir Jim Ratcliffe, also stated that he intends to build a new stadium. After Ratcliffe acquired a minority stake in the club in February, which granted him control at Old Trafford, he stated his goal of establishing a “Wembley of the North.””
Sir Jim Ratcliffe indicated that he might seek help from the government to finance the project. Greater Manchester Mayor, Andy Burnham, is likely to reject the possibility of using public funds to finance the project.
The owners are considering a public-private partnership to prioritize infrastructure and broader revitalization, with a current focus on transportation.
Project Insights
The club invited fans to share their ideas for the design of the new stadium. Club icon, Gary Neville, is taking part in the taskforce that is responsible for the rejuvenation process. Further, he said,
“Obviously, the new ownership coming in has proved to be a catalyst for the changes we can make, even after that demise.”
The club engaged 30,000 fans in a discussion to decide whether to stay or move, with approximately half supporting each option.
Ratcliffe decided to construct a new stadium instead of renovating Old Trafford after conducting several research trips to other stadiums, including Real Madrid’s Santiago Bernabeu and Barcelona’s Camp Nou.
They made plans to preserve Old Trafford instead of tearing it down and to repurpose it as a smaller secondary location. Nevertheless, there is a growing chance that they will entirely demolish it. The builders aim for completion by 2030.
The new stadium would feature state-of-the-art facilities and world-class amenities. However, the fans have an emotional connection with the Theatre of Dreams. Since 1910, United has called Old Trafford their home.
Trust The Process
Omar Berrada, the club’s CEO, told the media that he wants the club to recapture its former glory. The new owners have given financial support to Manchester United’s manager, Eric Ten Hag, to acquire players and further enhance the team.
United currently hold the eleventh place in the Premier League, experiencing varying levels of success. A decisive victory against Barnsley and a tie with Crystal Palace have left supporters uncertain about what to anticipate. A crushing defeat on Sunday, however, will definitely cause a massive disappointment amongst the fans.
Nevertheless, Eric Ten Hag has again assured the fans that he would do his best to restore the club to its previous greatness. While the prospect of a new stadium might be exciting, the fans prioritize the return of the club’s previous greatness by consistent football.
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