Premier League giants Manchester United plan to build Britain's biggest stadium for two billion pounds ($2.59 billion) to replace the iconic Old Trafford.
United's co-owner Jim Ratcliffe made the announcement about the 100,000-seat stadium, which is expected to be Europe's second largest after Barcelona's Camp Nou (1,05,000).
"Today marks the start of an incredibly exciting journey to the delivery of what will be the world's greatest football stadium, at the centre of a regenerated Old Trafford," Jim Ratcliffe said in a statement.
Manchester United co owner Jim Ratcliffe (left) with Manchester City chairman Khaldoon Al Mubarak before a match. File photo: Reuters/ Phil Noble
Old Trafford, affectionately called the 'Theatre of Dreams', has not had any major redevelopment since 2006. In recent years, it has had issues with roof leakage and rodent sightings. Last September, United appointed Foster + Partners to develop a master plan for the project around the Old Trafford region. As per the design unveiled by the club in London on Tuesday, the stadium will feature an umbrella design.
British billionaire Ratcliffe had been fascinated about redeveloping United's home ground into a state-of-the-art 'Wembley of the north' since becoming a minority owner last February. Old Trafford has been United's home since 1910 and was rebuilt after being heavily damaged in World War Two.
United's arch-rivals Manchester City moved into the Etihad Stadium in 2003. City owners are understood to be in the process of increasing the stadium's capacity beyond 60,000. Arsenal's Emirates Stadium and the Tottenham Hotspur Stadium host non-football events to generate additional revenue.
Once completed, the new Manchester United stadium will be 200 metres at the highest point, towering over the city's tallest building, Beetham Tower, at 169 metres. The club said the stadium will be visible for up to 37.4 kilometres.