Old Trafford regeneration could boost UK Economy by £7.3bn

A proposed regeneration project around Manchester United’s iconic Old Trafford stadium could inject £7.3 billion ($9.7 billion) into the UK economy annually, according to an economic feasibility study commissioned by the club. 

The ambitious plan is still under consideration, with the club weighing a £2 billion investment in either building a new 100,000-seater stadium or redeveloping the existing 74,000-capacity venue.

Greater Manchester Mayor Andy Burnham has backed the redevelopment but clarified that no public funds will be allocated to the project.

The regeneration aims to transform the surrounding area into a “mixed-use” neighborhood with apartment blocks, shopping centers, and improved public transport.

A report from Oxford Economics suggests the project could create 92,000 new jobs, 17,000 homes, and attract an additional 1.8 million visitors to the area each year.

“This could be the biggest regeneration scheme I’ve ever seen in this country,” said Burnham.

“We hope it’s the best football stadium in the world, which brings benefits to residents around it.”

The project is being spearheaded by United co-owner, British billionaire Jim Ratcliffe, who bought a minority stake in the club earlier this year.

Although Ratcliffe initially hinted he could pursue government assistance in order to fund a “Wembley of the north”, that appears now to have been ruled out.

Last week United appointed globally renowned architects Foster + Partners to work on the plans.

Fans are being asked for their views on the redevelopment, with former United captain Gary Neville, part of an Old Trafford Regeneration Task Force, urging supporters to take part.