Whether Old Trafford will be built from scratch or renovated at its current 87,000-seat stadium will be decided after the end of the season, a decision that has been made by Sir Jim Ratcliffe and his INEOS team.
It is estimated that when the new Old Trafford is operational, it could generate an additional £7.3 billion in revenue for the British economy and create jobs for around 90,000 people. If the final plan is set for the end of this season and the new stadium is built, Man United will need 7 years to complete the project. Thus, "Red Devils" fans can move to their new home from the 2032-2033 season.
However, Sir Jim does not want the new stadium to take that long. The British billionaire said that the SoFi stadium in Los Angeles (USA) is larger in scale but only needs 4 and a half years to complete and put into use. This is something Sir Jim is very concerned about because he needs the new Old Trafford to be put into operation as soon as possible. If not, to speed up the progress, the current stadium renovation plan may be prioritized.
Building a new stadium could cost INEOS between £2bn and £2.3bn. Upgrading the current stadium from 74,000 to 84,000 would cost an estimated £1.2bn. However, design experts say renovating the old stadium could incur additional costs and would have to deal with the railway structure to the south.
Sir Jim maintains that cost is not the main issue in the decision after this season. He is now weighing up the time and cost. If the new stadium is considered more cost-effective but takes seven years, it may not be the best option.
Currently, 61% of residents living around Old Trafford support the reconstruction but they are also happy to hear that if there is a new stadium, about 37,000 local people will be provided with long-term jobs.
Architects Foster and Partners have been appointed to create a masterplan for the stadium area, which includes the club-owned land surrounding the current Old Trafford but does not include the design of the stadium itself. The firm was also appointed to deliver the £50m redevelopment of Carrington training ground earlier this year. In addition, Foster and Partners will be tasked with developing the areas around Old Trafford for the benefit of fans and the local community.
Once the planning team submits the final plans and Sir Jim approves, the construction process will be kept strictly confidential. It is expected that Sir Jim will be able to raise a small amount of local funds to cover the costs. However, INEOS has determined that this amount is not significant and they will have to raise almost all of it themselves.
