Reportedly, Sir Jim Ratcliffe is contemplating the demolition of Old Trafford and the construction of a new “Wembley of the North” for Manchester United. The historic stadium, home to the Red Devils for 114 years, has been in dire need of refurbishment, with the Glazer family, its owners since 2005, neglecting its upkeep. Ratcliffe, who recently acquired a 25% stake in the club, considers addressing this issue a priority.
Due to the substantial time and expense required to renovate the current structure, Ratcliffe may seek assistance from the UK Government to finance a new stadium adjacent to the existing one. His vision is to create a world-class venue comparable to London’s Wembley Stadium.
Although Ratcliffe prefers not to relocate United, there is a belief within the Ineos organization that fans might be receptive to the idea of a new stadium nearby. While expanding Old Trafford remains an option, around 25% of the stadium is currently unused, allowing for ample space. However, this option is estimated to take eight years and £800,000, with no guarantee of significant improvements to the aging structure.
On the other hand, the construction of a new stadium is projected to cost between £1.5 billion and £2 billion. Ratcliffe might lobby the Government for financial assistance under the Levelling-up and Regeneration Bill. Regardless, he would still need to invest a substantial amount from his own funds. Ratcliffe’s minority takeover of United, which includes gaining control of football operations, is pending regulatory approval in the coming weeks.