The suggestion has arisen for British magnate Sir Jim Ratcliffe to consider demolishing the historic Old Trafford stadium to make way for a brand-new, highly innovative, and captivating home venue for Manchester United. Ratcliffe, who acquired a 25% stake in United on Christmas Eve, currently shoulders numerous responsibilities as the INEOS chairman, even though the agreement with United is pending ratification by the Premier League.
Despite this, plans to revamp the club have already kicked off, with Ratcliffe committing to a substantial £245 million investment. The discussion about the deteriorating and outdated condition of Old Trafford has become a central topic.
Various proposals have been put forth by architectural firm Populous and consultancy group Legends International. These proposals include a partial refurbishment involving the expansion of the south stand along with a renovation of the remaining sections of the stadium, or alternatively, the construction of an entirely fresh stadium.
CEO Chris Lee of Populous, speaking to the Telegraph, strongly advocates for the consideration of the new construction option. He emphasizes its potential cost-effectiveness, architectural innovation, and the availability of abundant space for development.
Lee expressed, “While it might seem biased coming from me, I genuinely believe the new construction could ultimately prove to be the most financially prudent choice. Yes, the initial investment would obviously be the highest among the three options, but the available land for development is extensive. Manchester United could continue utilizing the existing ground during the construction phase, ensuring no decline in matchday revenues. Architecturally, with the available space, the potential for groundbreaking and captivating designs is limitless. There wouldn’t be any constraints regarding space.”
The estimates suggest that while renovating and expanding Old Trafford would incur costs exceeding £800 million over eight years, the construction of a new stadium could potentially cost United around £2 billion. Ratcliffe has committed to providing £158 million upon the completion of his deal, with an additional £79 million by the end of the following year, in addition to the purchase price for his investment.
However, considering that the Glazers stand to gain over £500 million from the deal, inquiries have emerged regarding the funding of this enticing yet monumental project.