According to Sir Jim Ratcliffe’s description, The Red Devils’ new home stadium will be as big as the national stadium. Britain’s richest billionaire shared that he wants the North to have a stadium as majestic as Wembley in London.
Wembley currently has a capacity of more than 90,000 seats but has been committed to more investment in the future. Therefore, Man United’s new stadium as envisioned by Sir Jim must be modern and of a stature commensurate with the new version of Wembley.
Next week, the agreement to buy back 28.9% of Man United’s shares will be completed by INEOS. A £237m investment into the club from INEOS will then be immediately triggered. Most of this will go towards renovating and remodeling Old Trafford’s home ground.
As for Sir Jim, he also does not approve of moving the home field to another location, away from the current location. If there is a change in location, the new Old Trafford will be built right next to the old stadium on a specifically planned land plot. Sir Jim’s side respects the 114-year history of Old Trafford so much that they will not move it far.
Old Trafford currently has up to 25% of its interior space wasted. As expected, it will take 8 years to renovate, build a new building and complete the repair process.
Some current employees at Old Trafford are concerned that Sir Jim will renovate the old Old Trafford instead of building a new Old Trafford. They believe that, no matter how much money is spent to renovate the current stadium, it is still a structure that is more than 100 years old (implying it is too old to change).
This also reflects the opinion of Chris Lee – CEO of Populous. This is the company overseeing the Old Trafford renovation project. Lee shared with the Telegraph in December 2023 that a new stadium would likely be much more cost-effective than renovating the old one. Also according to this CEO, when building a new yard, everything will be re-planned in the most modern, synchronous and economical way.
Telegraph estimates that upgrading the current Old Trafford stadium could cost up to 800 million pounds, while the cost of new construction will be from 1.5 to 2 billion pounds. In parallel with the process of considering the two options, INEOS is also negotiating with Mr. Andy Burnham – Mayor of Greater Manchester. INEOS clearly stated the view that a majestic stadium will contribute to local economic development, far beyond the mere sports framework.
If INESO’s arguments and directions convince Greater Manchester’s leaders, it is possible that the new Old Trafford project will receive additional financial support from the British Government. However, Sir Jim Ratcliffe’s side also understands that they have to handle all the finances, and the British Government’s support is not a significant amount considering the entire project.