On Tuesday, Manchester United announced its intention to build a new stadium with a capacity of 100,000 seats, which will serve as a key element in the regeneration of the Old Trafford area.
The stadium and the broader renovation project have the potential to generate an additional £7.3 billion annually for the UK economy, bringing widespread social and economic benefits to the community and the wider region.
The new stadium can help in providing 92,000 new jobs, over 17,000 new homes, and attracting an additional 1.8 million visitors annually.
On Tuesday, the expected designs of the stadium were revealed.
Jim Ratcliffe told the club's website: "Today marks the start of an incredibly exciting journey to the delivery of what will be the world's greatest football stadium, at the centre of a regenerated Old Trafford.
"Our current stadium has served us brilliantly for the past 115 years, but it has fallen behind the best arenas in world sport.
"By building next to the existing site, we will be able to preserve the essence of Old Trafford, while creating a truly state-of-the-art stadium that transforms the fan experience, only footsteps from our historic home."
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