New Delhi: A significant regeneration project surrounding Manchester United’s Old Trafford stadium could add £7.3 billion ($9.7 billion) annually to the UK economy, according to a feasibility study commissioned by the club. The study conducted by global advisory firm Oxford Economics highlights the potential for large-scale growth both economically and socially in the Greater Manchester area.
The proposed plans could also see a surge of 92,000 jobs, the construction of over 17,000 homes, and an additional 1.8 million visitors per year making it a transformational initiative for the region.
The project, spearheaded by Manchester United co-owner and British billionaire Jim Ratcliffe, involves two options either constructing a brand-new 100,000-seater stadium at a cost of £2 billion or redeveloping the existing 74,000-capacity Old Trafford. Both options include the development of a “mixed-use” neighborhood around the stadium featuring residential blocks, shopping complexes, and improved public transport infrastructure.
Old Trafford update 🏟️
An economic report has explored the benefits of regenerating our stadium and surrounding area ⤵️#MUFC
— Manchester United (@ManUtd) September 23, 2024
The regeneration plans have received strong support from local government figures including the Mayor of Greater Manchester, Andy Burnham. Burnham while endorsing the ambitious scope of the project clarified that no public funds would be allocated for the redevelopment.
“This could be the biggest regeneration scheme I’ve ever seen in this country,” Burnham stated. “We hope it’s the best football stadium in the world, which brings benefits to residents around it.”
Foster + Partners, renowned architects are appointed to lead the design of the stadium district in collaboration with stakeholders to shape a comprehensive vision for the area. Their design will focus on creating a sustainable and vibrant urban landscape positioning the stadium as a centerpiece in a thriving community.
Impact on Old Trafford surroundings and fan engagement
The Old Trafford surrounding area is also set to benefit from this, being transformed into a hub of activity encompassing business, education, sports, and leisure. In addition to boosting economic prospects, the project is expected to create lasting benefits for the local population.
As part of the ongoing consultation process fans and residents are being asked to share their views on the stadium and neighborhood redevelopment. Former Manchester United captain Gary Neville, who is part of the Old Trafford Regeneration Task Force has urged supporters to actively participate in shaping the project.
Despite the scale of the regeneration, Ratcliffe has dismissed the possibility of seeking public funding for what he once called the “Wembley of the North.” The private funding approach sets the project apart from similar ventures relying instead on the club’s financial planning and investor backing.
Once completed, the regeneration promises will turn Old Trafford and its surroundings into a leading global destination driving tourism and economic growth while enhancing the quality of life for local residents. As the plans evolve, final recommendations from the Old Trafford Regeneration Task Force will shape the future of this iconic stadium and its place within the Greater Manchester community.
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