The plan announced by Mayor Andy Burnham on Thursday is a 10-year strategy to drive economic growth and social improvement across the region.
A new 100,000-seat stadium is at the heart of the Old Trafford Regeneration project, with an initial commitment of £26million revealed for 382 of 15,000 new homes as part of the Trafford Wharf development.
Burnham confirmed that Lord Sebastian Coe, who led delivery of the 2012 Olympics, will be chair-designate of a new Mayoral Development Corporation to drive forward the Old Trafford scheme.
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Collette Roche, Manchester United’s chief operating officer, said: “We are delighted to see the Old Trafford Regeneration project at the heart of Greater Manchester’s wider growth plan for the next decade.
“We want to build the world’s best football stadium as a new home for Manchester United and a venue fit for the biggest international events, including the 2035 FIFA Women’s World Cup, surrounded by a vibrant business, leisure and residential district served by excellent transport links.”