Manchester United’s planned new stadium is expected to be more than just a football ground.
Ineos are planning to upgrade on Old Trafford over the next five years, with plans drawn up for a new stadium which could seat 100,000 fans.
Manchester United will play at the Theatre of Dreams until this new stadium, situated near the existing stadium. Architect Norman Foster has targeted the 2030/31 season for move-in.
The response to the new stadium is mixed, with Eric Cantona among those sure to be unhappy given his insistence on Old Trafford remaining.
However, United are not just building a stadium, with the new stadium set to be a destination with shops and job opportunities for Mancunians. While the regeneration project around the ground will also prove valuable to the local economy and people.
When the stadium was announced, it was claimed the project would bring over £7bn into the economy of the nation, benefits which as unparalleled, as The Standard reported.
Roy Keane has described United’s plans as ‘fantastic’, but what is the truth behind the economic claims?
Photo by Michael Regan/Getty Images
Photo by Michael Regan/Getty Images
What will be the impact of new Manchester United stadium on wider community?
With United claiming the new stadium will be of huge benefit to the community around and the GDP in Manchester, United in Focus has spoken with TBR’s finance expert Adam Williams to discuss the claims Ineos have made.
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“They are a useful entry point into the economic benefit of the stadium, but these studies are ultimately pretty speculative and look at the best-case scenario.
“The new stadium project will need to be delivered perfectly to get to that £7bn figure, of which £5bn is earmarked for Greater Manchester before 2039.
“It’s far higher than similar studies that were commissioned for new stadiums in London, so I think it probably best to take it with a pinch of salt.
“That said, there is no doubt that the new stadium will be transformative for the local economy. ‘Transformative’ is a word you’re going to hear a lot in the next few years if this project comes to fruition.
“It’s the reason that the government has thrown its weight behind the new stadium, although any funding they provide will be for infrastructure – tram lines, roads and so on – as opposed to the stadium itself.
“The trend in modern stadium designs is for the facilities to be used 365 days per year, not just on matchdays. That is going to create a hell of a lot of jobs.
“It’s also a beachhead for further investment in the city itself, especially if United issues more equity to fund the construction.
“Look at what has happened with Manchester City, for example. Abu Dhabi have invested billions into the property through a cosy relationship with the council, though the value of that investment to the public is heavily scrutinised.
“That wouldn’t have happened if it wasn’t for their ownership of the club. Similarly, you’re going to see more business done off the back of United’s new stadium – new commercial partners will pitch up in the city, business deals will get done at the stadium, and there will be a virtuous cycle economically.”
Building stages of Manchester United’s new stadium will also help local area
Before the doors of the stadium even open, there will be huge benefits to the local economy with lots of jobs to be created in the building.
Foster has already outlined plans to make use of the Manchester shipping canals, which have for long been almost neglected.
“Normally a stadium would take 10 years to build, we halved that time – five years. How do we do that? By pre-fabrication, by using the network of Manchester ship canal, bring it back to a new life, shipping in components, 160 of them, Meccano-like.”
The shipping canal used to be the heart of the city, and by using it as a key instrument in creating what would be the world’s most iconic stadium, it could reinvigorate the local community and provide a lot more projects to utilise similar methods.