This undated and computer-generated picture, issued by Manchester United, shows an interior view of ... More the planned new Manchester United stadium. (Foster + Partner via AP)
Associated Press
There was a disconcerting shift at the end of Gary Neville’s bombshell interview with Manchester United co-owner Sir Jim Ratcliffe.
Having repeatedly warned the former Red Devils defender the club would “go bust by Christmas” if vast and substantial cuts were not made, Sir Jim, prompted by Neville, suddenly switched to a “positive.”
They began discussing plans for a $2.6 billion investment in a new stadium, which apparently had legs regardless of the financial hardship that had just been described.
“I sat on the last taskforce committee meeting on Friday and I had a glimpse of what is coming and it looks absolutely spectacular,” Neville told the billionaire earnestly.
Sir Jim, who’d spent the rest of the interview emphasizing why axing “free lunches” was part of a greater effort to “take care of the pennies,” suddenly talked about splashing billions on a massive infrastructure project.
“It definitely is deliverable,” the co-owner said, “but I think it needs to be set in context again.
“If you take the view that it’s the greatest football club in the world, then if it builds a new stadium it should be a stadium befitting of the greatest club in the world.
“And also a stadium that befits the greatest league in the world because the Premier League is the best in the world. At the moment, we have some great stadiums, but we don’t have a Bernabeu, and we don’t have a Nou Camp.
“What everyone has to understand is we have two options – to refurbish the current stadium or we can build a new one. The only basis in which we can build a new one is if it is part of this Government regeneration scheme for south Manchester.
“We can’t afford to regenerate southern Manchester, that’s too big a bill for the club. We can build the stadium, we don’t need any government funding for that stadium but it has to be the underpin for the regeneration.”
Of course, Sir Jim believes making this massive investment is viable for a club he warned was in a perilous position because Manchester United still leads the division in stadium revenue.
Last season, despite finishing 8th and exiting at the Champions League group stage, Manchester United had the highest matchday earnings in the division and raked in [$138 million](https://www.bbc.co.uk/sport/football/articles/c798e4lyxr7o).
Underperformance on the field aside, this figure is shocking because the stadium has become a dilapidated embarrassment.
Rival fans regularly mock the state of the grand old place, which is often shamed in video clips of the disrepair.
In May, a viral video showed a deluge of water pouring from the roof and cascading down the seats between the Sir Alex Ferguson Stand and East Stand after the game against Arsenal. It looked like a waterfall.
What’s more embarrassing is the fact that these problems aren’t new.
In 2019, Dave Pennington, the vice-chair of the Manchester United Supporters’ Trust, complained to [The Guardian](https://www.theguardian.com/football/2019/dec/11/old-trafford-symbol-manchester-united-faded-grandeur-tired-worn-tottenham-stadium) that the club had not kept pace with its rivals.
“There’s been no major development since the quadrants were built in 2006. The subsequent investment has been limited to mandatory – but still welcome – expansion of disabled facilities and corporate hospitality. Old Trafford is still the biggest in the Premier League, but it’s now far from the best – the facilities are limited and outdated.”
Yet, it has continued to be a money spinner.
While United has remained largely unchanged, rivals Manchester City and Liverpool have significantly improved their facilities. However, they, along with Tottenham Hotspur, which built a whole new ground, still lag behind United in matchday revenue.
MANCHESTER, ENGLAND - MAY 12: A general view as the drainage pipe in the roofs of the Sir Alex ... More Ferguson Stand and East Stand leaks and pours onto the seats below following heavy rainfall after the Premier League match between Manchester United and Arsenal FC at Old Trafford on May 12, 2024 in Manchester, England. (Photo by Michael Regan/Getty Images)
Getty Images
This continued dominance is a testament to the vision of Sir Alex Ferguson and David Gill in the 1990s. Rather than resting on their laurels as the side dominated the English game, United’s leadership sunk the spoils of those victories into the stadium and created a behemoth that has sustained for the decades that followed.
Regardless of that strong base, Sir Jim knows United will be unable to continue leading the way much longer without improvement. They are already falling behind in the corporate offering United once pioneered, and further enhancements by City to their executive suites will make that even more pronounced.
But if Sir Jim thinks agonizing over whether to move out or revamp is the tricky part of the stadium process, he’s in for a rude awakening.
Many teams have produced glossy images and bold designs for people who’ve dreamed of a new home. The challenge comes in financing the project and acquiring the land.
Given United’s apparent dire financial situation, lenders will undoubtedly want an arrangement that mortgages the sizeable stadium’s earnings when it opens.
This is not unusual and makes a lot of sense. Tottenham Hotspur did it rather successfully to fund their build, and it is still likely to result in bumper stadium revenue.
Then, they’ll need to acquire all the land, which is often far more complex than it sounds, especially when, as is likely to be the case with United’s new home, all sorts of existing properties will need to be sold.
Only once those have been navigated will the project start to take shape. It will take years, and that’s assuming United’s financial situation doesn’t get worse.