Sir Jim Ratcliffe, the 71-year-old INEOS billionaire and lifelong Manchester United supporter, is said to be a man in a hurry. Having agreed to purchase a 25% stake in the club, he is determined to leave a lasting legacy and has set his sights on transforming United’s home ground into a world-leading, iconic venue that rivals Wembley and its 90,000-capacity. Ratcliffe and his team have already had discussions with Greater Manchester Mayor Andy Burnham about seeking public funds to finance the project. However, a simple cash injection from the UK government is unlikely. Instead, government insiders suggest that tax breaks, relaxed planning regulations, and a public-private partnership with a return on investment for taxpayers would be more plausible. A special investment zone, including residential and commercial properties and possibly a research institute or university, could also be part of the project.Brilliant. Seems like plans for Old Trafford are gathering momentum 🔴⚫️⚪️ pic.twitter.com/Sdtijf1LWk— United Arts 🔴⚪️⚫️ (@TffUTD) February 1, 2024 The project has two options: redevelopment of Old Trafford or construction of a new venue on United-owned land behind the Stretford End. Refurbishing the existing stadium, which opened in 1910, would only provide a short-term solution. Expanding the current 74,000-capacity ground would cost around $1 billion, while a new build could cost between $1.2 million and $2.5 billion. Ratcliffe’s team has wasted little time since the deal was announced on Christmas Eve, and a decision is yet to be made on which option is best.United want a $240million-rated player while their Old Trafford is falling apartFinancing the project would require agreement with the Glazer family, who are the club’s majority owners. Ratcliffe’s experience in finding funding for vast infrastructure projects, such as the $6.3 billion chemical plant in Antwerp, Belgium, is expected to be instrumental in securing financing. Any debt incurred would need to be serviced and repaid. Still, the new facility would significantly increase the club’s revenues, making it a different prospect from the existing debt from the Glazers’ leveraged buyout.##NAJAVA_MECA_7855883##Manchester City’s Etihad Stadium was the centrepiece of Manchester’s successful bid for the 2002 Commonwealth Games, and Old Trafford was not selected as a venue for the UK and Ireland’s bid to host the 2028 European Championship finals. Therefore, any approach to central government for funding would need to include a variety of uses for the stadium, such as multi-sport events or a bid for a major sporting event. Ratcliffe’s investment is expected to be formally completed this month after his purchase of Class-B shares from the Glazer family was approved at an extraordinary general meeting on Monday. What Old Trafford will look like after Sir Jim Ratcliffe Manchester United plans according to AI#MUFC https://t.co/Ad0OKI3Vpb— Man United News (@ManUtdMEN) February 8, 2024 First-team head coach Erik Ten Hag is happy to see the club planning ahead, although he’s got more pressing matters on his agenda.”I would say it expresses the ambition of this club, which is good. But it is not my task in this club to deal with stadium questions with facilities. My job is to manage the team and rebuild the squad.”
