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Manchester United's Old Trafford Regeneration Project Could Add £7.3 Billion to UK Economy

Posted : 24 September 2024

A proposed regeneration project around Manchester United's Old Trafford stadium could contribute £7.3 billion ($9.7 billion) annually to the British economy, according to an economic feasibility study commissioned by the club. Despite the potential economic impact, the mayor of Greater Manchester, Andy Burnham, confirmed on Monday that no public funds would be allocated to the project. Manchester United is currently weighing two options: constructing a new 100,000-seater stadium, estimated to cost £2 billion, or redeveloping the existing 74,000-seat Old Trafford stadium.

 

Burnham has expressed support for the ambitious redevelopment, which would include a "mixed-use" neighborhood featuring residential apartments, retail spaces, and improved public transportation infrastructure. The global advisory firm Oxford Economics highlighted the potential benefits of the project, estimating that it could create 92,000 new jobs, 17,000 additional homes, and attract 1.8 million more visitors to the area annually. Burnham described the plans as the largest regeneration scheme he has ever seen in the country and hopes it will result in the world's best football stadium, benefiting local residents.

 

The initiative is being led by Manchester United co-owner Jim Ratcliffe, a British billionaire who purchased a minority stake in the club earlier this year. While Ratcliffe initially suggested he might seek government assistance to create a "Wembley of the north," this option seems to have been ruled out. The club has taken significant steps forward by appointing the renowned architectural firm Foster + Partners to develop the plans for the stadium and surrounding area.

 

Fan involvement is a key part of the redevelopment process, with Manchester United seeking input from supporters on the proposed changes. Former United captain Gary Neville, who is part of the Old Trafford Regeneration Task Force, has urged fans to participate and share their views on the project to ensure it meets the expectations of both the club and the community.

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