Manchester United’s boardroom bosses are looking to see the Red Devils reach the top again with a new, state-of-the-art stadium. However, reports are suggesting that their grand vision is at the risk of falling through as the club are ‘refusing to pay the asking price’ for a crucial piece of land.
Sir Jim Ratcliffe, 71, and his INEOS-led entourage have split opinion since they acquired a stake of 27.7% (which equates to £1.25 billion) of the Old Trafford club – and that continued to be the case when they unveiled their lavish plans to build a new stadium.
Some believed that it was a necessary re-set for a club the size and stature of 13-time Premier League champions Manchester United, while others were not in the same boat, claiming that the history and tradition of Old Trafford is so deeply enshrined and, thus, should not be replaced.
Ex-Red Devils boss Sir Alex Ferguson is on board with the club building a new stadium. He said, "Old Trafford holds so many special memories for me personally, but we must be brave and seize this opportunity to build a new home, fit for the future, where new history can be made."
Man Utd Hit Stumbling Block in Plans to Build 100,000-Seater Stadium
There's a disparity in price between the haulage company and the Premier League outfit
In March, the club released their plans to build ‘the Wembley of the North’, a stadium that would be the central piece of a huge regeneration project in the Trafford area, which would bring £7.3 billion-per-year to the UK economy, according to Ratcliffe.
The venue itself, with a capacity of 100,000, would be the largest in the country – and it would mark a changing of the guard for the 13-Premier League champions. A catalyst for 92,000 jobs and 17,000 new homes, it’s set to be built adjacent to Old Trafford.
However, Manchester United’s new development has hit a stumbling block as they are currently in a dispute over the price of the land. Currently used as a rail freight terminal, Ratcliffe and Co are keen to buy said land in order to complete their project.
To purchase the land, the Red Devils have been in dialogue with the haulage company that owns and operates the terminal, according to The Guardian, but they are currently in a stand-off over a disparity in what they both believe the land is worth.
The aforementioned Freightliner are reportedly willing to move from Trafford Park to a site near St Helens – but in order to do so, they are seeking around £400 million. Elsewhere, the would-be buyers are prepared to part ways for between £40-£50 million.
According to The Guardian’s report, Old Trafford chiefs have made it abundantly clear they are unwilling to cough up what Freightliner’s parent company, Brookfield, are asking for. As a result, initial discussions have come to an immediate halt.
That could, of course, derail Ratcliffe’s plans to erect the new stadium within five years – a rather ambitious deadline set by the billionaire when unveiling the designs, which were produced by architecture firm Foster + Partners, in March of this year.