Manchester United intends to construct the ‘world’s greatest stadium’ instead of renovating Old Trafford

Manchester United said Tuesday that it would construct a new stadium with 100,000 seats, the largest in Britain, close to the current Old Trafford, which will cost two billion pounds ($2.59 billion).

“At the heart of a revitalized Old Trafford, today marks the beginning of an immensely exciting journey to deliver what will be the greatest football stadium in the world,” said Jim Ratcliffe, co-owner of United.

Since he became a minority owner in February of last year, the British billionaire had made no secret of his desire for a brand-new, cutting-edge “Wembley of the north.” The club has been considering whether to build a new stadium or renovate the current one, which has served as the club’s home since 1910.

Foster + Partners was hired by United in September to create a master plan for the Old Trafford neighborhood as part of a revitalization initiative.

The club held a presentation in London on Tuesday morning to unveil the architectural plans for the new stadium, which would have an umbrella style.

“This has to be one of the most exciting projects in the world today,” said executive chairman Norman Foster of Foster + Partners in a declaration. “The fans’ experience is the first step, putting them closer to the field than before and creating a thunderous boom acoustically.

“The stadium is contained by a vast umbrella, harvesting energy and rainwater, and sheltering a new public plaza that is twice the size of Trafalgar Square.”

British Finance Minister Rachel Reeves recently endorsed the proposals, which include the stadium as part of a larger revitalization of the Old Trafford region.

According to United, up to 92,000 new jobs could be created by the project, which will also result in the construction of 17,000 homes and bring 7.3 billion pounds annually to the British economy.

Old Trafford hasn’t seen any significant renovations since 2006, and the 74,140-seat stadium—which is the largest club stadium in England—has come under increasing fire in recent years due to problems with its leaking roof and recent rat sightings.