Manchester United are creeping closer to building a new stadium, but there are still umpteen financial, political and practical questions to answer before there are shovels in the ground.
Since becoming the club’s largest individual shareholder in February last year, Sir Jim Ratcliffe has evangelised about the benefits of replacing Old Trafford with a bigger, more lucrative and commercially-oriented stadium.
In March, the first images of the design being worked on by architects Foster & Partners were released, with a vast canopy enveloping the 100,000-seater arena and three masts – representing the trident on Manchester United’s badge – climbing hundreds of feet into the sky.
There was a mixed reaction to the mock-ups, most of it centred around the aesthetics of the would-be build. However, there was also significant scepticism from the big brains in the world of corporate finance about United’s ability to actually pay for the stadium, which is slated to cost at least £2bn.
An aerial view of Manchester United's Old Trafford stadium
Photo by Copa/Getty Images
The club is already in over £1bn worth of debt all told and, while interest payments are manageable, are approaching a renegotiation date after which costs will likely soar. Adding 10 figures worth of debt on top of that would make the business case for the new stadium harder, though not impossible, to justify.
The Glazers are unlikely to pay anything towards upfront costs, while Ratcliffe is already pretty highly leveraged with Ineos thanks to macroeconomic factors and financially burdensome infrastructure projects.
So while no one doubts United’s ability to raise funds for the stadium, the picture is such that it will likely have to be a patchwork approach – and that means coming up with some creative solutions.
Man United’s personal seat license plan hinges on government exemption from ban
As well as naming rights, government funding and potential fresh minority investment, one option Man United have explored to pay for their new stadium is personal seat licenses.
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Seat licenses, sometimes known as debentures, are an increasingly common tactic for raising initial funds for a stadium build. Barcelona raised an astonishing £88m through the sale of just 475 seat licenses at the Nou Camp earlier this year.
Under this model, United would sell the right to buy a seat every season for a fixed period to buyers, who would pay an upfront fee in addition to the cost of a season ticket every season thereafter.
Man Utd’s new stadium plans, what we know right now
Set to be complete by 2030/31 season
Expected cost around £2 billion
Old Trafford set to be demolished
Expected to create 92,000 new jobs, 17,000 new homes and drive 1.8 million visitors annually
Capacity of 100,000 with steepest stands allowable in UK (35 degree angle)
Munich clock and other iconic club landmarks set to be included in new design
As well as guaranteeing a season ticket every year, licensees would also be permitted to sell their seats for a profit.
However, sweeping new government legislation will soon be introduced banning the resale of tickets for profit, which would jeopardise the model for United.
It has emerged this week that the All England Tennis Association and Wimbledon will be given an exemption from the legislation. Debentures at the grand slam tournament routinely change hands for six-figure sums.
Speaking exclusively to United in Focus, Liverpool University football finance lecturer Kieran Maguire expects the Red Devils to be given a similar pass by the government when the legislation is formally implemented.
“Man United should be in the clear because the legislation is not aimed at personal seat licenses per se because they are often seen as an investment rather than a simple acquisition,” he said.
Should United prioritise building a new stadium or winning on the pitch now?
Manchester United Announce Plans to Build New World Class Stadium
Photo by Ash Donelon/Manchester United via Getty Images
Once built, new stadium could deliver…
✅ Extra £100-150m matchday income
✅ £40m-a-year naming rights deal
✅ £30-40m commercial boost
✅ Reinstate United as football superpower
❌ But £2bn-plus debt = less cash for transfers/wages in short term
“I imagine there will be discreet conversations between the legislators and United in terms of understanding exactly where they stand.
“I’m not a big fan of personal seat licenses, but they’re not exactly a new thing. We have seen lots of clubs use them – it’s just that United are operating in a different sphere to what we have seen before so will make significantly more money from them. We’re talking tens of millions.
“We’ve seen what Barcelona have done by selling a few hundred several seat licenses for nearly £100m, and that will be the model that Man United are looking to exploit.”
Red Devils on top as Premier League to hit £1bn matchday income
In 2023-24, the last season for which a full data set is available, Premier League clubs earned a record £955m in matchday income.
With ticketing revenue of £137m, Man United were the biggest earners. And they bested that record in 2024-25, generating £160m through the turnstiles.
Infographic showing Manchester United's matchday income and stadium capacity compared to rivals
Man United matchday income Credit: Adam Williams/United in Focus/GRV Media
The return of big hitters Sunderland and Leeds United to the Premier League, the expansion projects overseen by Manchester City and Liverpool, plus Everton’s new Hill Dickinson Stadium means that £1bn will now be the low watermark for combined matchday income across the Premier League.
The Premier League’s middle class is growing its revenue in this category, but the matchday income table is still very top heavy. To reinforce the advantage they hold over their peers in the so-called Big Six and their ambitious rivals outside it, progress with the stadium is necessary.
Adjusting for inflation, United’s matchday income has actually gone backwards over the last decade, largely as a consequence of the Glazers’ decision to freeze ticket prices.
That has been reversed by the Ratcliffe regime, whose ‘Project 90’ aims to add £90m in operating revenue each and every season. As one of the three primary revenue streams alongside media and commercial, Old Trafford will be central to that, even before work on the new stadium finally begins.