Manchester United is bidding farewell to Old Trafford, their home of 115 years, and all ready to welcome a brand-new 100,000-seater stadium. This state-of-the-art venue, designed by renowned architect Lord Norman Foster, will be the largest in the UK and is expected to take five years to complete. While the new stadium is being built on club-owned land adjacent to Old Trafford, the team will continue to play at their current home. "This becomes a global destination. This has to be one of the most exciting projects in the world today," Mr Forster remarked. He said that the idea of the new stadium would bring the fans closer to the pitch.
The new stadium, dubbed "New Trafford" in a briefing document, will feature an innovative umbrella design that harnesses solar energy and rainwater. It will be accompanied by a sprawling public plaza that dwarfs London's Trafalgar Square in size. The design will also feature three masts described as "the trident", which the architects say will be 200 metres high and visible from 25 miles away, BBC reported.
Conceptual images and scale models of what the new stadium and surrounding area could look like were unveiled on Tuesday by Foster + Partners, the architecture group appointed to design the stadium district.
Check it out here:
Manchester United co-owner Sir Jim Ratcliffe emphasized the significance of this project, stating that the new stadium will be an iconic destination, not just for Manchester United fans but for the entire city of Manchester.
"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," said Mr Ratcliffe.
What about the funding?
While it's an exciting development, the funding details are still unclear. The club's debt of over 1 billion pounds raises questions about how they'll finance this massive project.
Sir Jim Ratcliffe, Manchester United's co-owner, hinted at potential government support, saying, "If the government gets behind this scheme, we will build an iconic football stadium." However, a Prime Minister's spokesperson responded cautiously, acknowledging the proposal's potential for significant investment, job creation, and economic growth, but emphasizing that no government support has been committed yet.
Club chief executive Omar Berrada said it was "a very attractive investment opportunity" and he was "quite confident we'll find a way to finance the stadium".
The project's estimated cost is around 2 billion pounds, and while funding concerns have been dismissed, the club's financial situation suggests that securing investment will be a challenge. According to football finance expert Kieran Maguire, the development of Manchester United's new stadium can be financially viable. Mr Maguire believes that the increased revenue generated from a "multi-functional stadium" will exceed the additional interest costs associated with financing the project.
Effect on the Economy
Manchester United's ambitious project is expected to have a profound impact on the local economy and beyond. The club forecasts that the entire project will:
- Create 92,000 new job opportunities
- Involve the construction of 17,000 homes
- Attract an additional 1.8 million visitors to the area annually
According to Manchester United, the project is expected to contribute 7.3 billion pounds per year to the UK economy, making it a potentially game-changing development for the region.
