An artist’s impression of how the new stadium could look.
Manchester United FC has now bought more than half of the land needed for their new 100,000-seater stadium.
The ground, which will become the biggest sporting arena in the UK, will be a stone's throw from Old Trafford.
The club said it will serve as a catalyst for the regeneration of the surrounding district.
Collette Roche, CEO, Manchester United’s New Stadium Development, said, "The land we’ve acquired gives us the stage to deliver a truly world-class stadium that honours our past and is ready for our future.”
Artist’s impression of inside the new ground.
Manchester United says it will create the 'world's greatest football stadium' with a 100,000 seat capacity.
The news marks a major milestone in the long-term vision to transform the Old Trafford area.
Former Mayor of Greater Manchester and new Makerfield MP Andy Burnham has been involved in the stadium regeneration plans.
He previously told the Manchester Evening News, "We have a really clear principle here at the start of this journey with the Mayoral Development Corporation. Manchester United will be paying for the stadium.
"There will not be a penny of public money going into that, but we have absolutely a role to play in making everything around the stadium as good as it can be because of the economic benefit that brings."
The club acquired the 25-acre site, about 350-meters north-west of the current stadium, from Indurent, a leading provider of industrial space and a Blackstone portfolio company.
United said it will engage directly with businesses impacted by the plans to support them through the transition period.
The club said it has also worked closely with Trafford Council and the Old Trafford Regeneration Mayoral Development Corporation (OTRMDC) to fit into the wider Old Trafford regeneration strategy and to ensure fans have the best possible experience through optimum connectivity.
The 370 acre regeneration project is expected to deliver around 15,000 new homes, including affordable housing, create 48,000 new jobs locally and over 90,000 nationally, and add more than £7 billion a year to the UK economy.
United said the development will help to create one of the most "dynamic and globally significant sporting and entertainment destinations in the world."
Ms Roche added, “Being able to build so close to Old Trafford allows us to preserve the heritage, traditions and rituals that are so important to our fans.
"We are committed to building a world-class stadium with our supporters, not just for them, with atmosphere, affordability and accessibility at the heart of our thinking. "
The OTRMDC will publish its vision for the Old Trafford Regeneration on Thursday 9 July, when further detail of the stadium site and formal consultation period will also be revealed.
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