Manchester United will fund their £2billion stadium project without tax payers' help after it was made clear that the Premier League giants will finance it privately with discussions ongoing
Man Utd's new stadium will be funded privately as talks with investors continue
Man Utd's new stadium will be funded privately as talks with investors continue(Image: Foster and Partners / SWNS)
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Manchester United have confirmed that a new stadium project, that will cost £2billion, will be funded privately despite Sir Jim Ratcliffe discussing the prospect of tax payers' helping with the finances.
The Red Devils hierarchy have underlined their desire to create a new 100,000-seater stadium, seen as a 'Wembley of the North', after years of neglect at Old Trafford - with the venue now seen as second rate in comparison to other world class stadiums around the globe.
United's project will prove hugely expensive and it has now been confirmed that they are in the midst of having private discussions with investors and stakeholders about raising the necessary funds.
In a fans' forum a United spokesperson said: "Our proposed new stadium will be financed privately, and we continue to have positive conversations with potential investors and all stakeholders."
When the stadium plans were initially announced Ratcliffe claimed that: "People in the north pay their taxes, and there is an argument you could think about a more ambitious project in the north which would be fitting for England." Andy Burnham, the mayor of Manchester, did state that no public funding would be granted for the stadium project.
Financing the stadium privately could see United's debts rack up further. In February, United announced their financial figures for the second quarter, and the numbers confirmed the club's debt is already nearing the £1.3bn mark. Another hurdle they must negotiate is purchasing the rail yard surrounding Old Trafford. That land is owned by Freightliner and talks over an agreement have stalled with the quoted price a major issue.
United's stadium hosted the Champions League final back in 2003, but over the past two decades has been largely ignored. As a result it missed out on selection for Euro 2028, with Manchester City's Etihad Stadium getting the nod. Gary Neville declared the snub "an all-time low."
Sir Jim Ratcliffe had previously claimed that tax payer's money could be used
Sir Jim Ratcliffe had previously claimed that tax payer's money could be used(Image: PA)
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Old Trafford bosses continue to press on with their stadium project and have appointed Collette Roche into the role of chief executive officer, new stadium development. She made it clear United were responsible for the costs, but wanted the Government and local authorities to support with its infrastructure.
She said: "There is no point building the biggest or the best stadium in the UK and it being on an island and you can't get to it because the transport links aren't there or people can't come on non-matchday or local businesses can't be part of it.
"Our ask of the Government is that they support, not the stadium build, but really support the infrastructure and regeneration of the area. We understand the stadium is our responsibility. We want to provide a great stadium for our fans. We will pay the £2bn to do that."
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