Manchester United unveil plans for 100,000-seater new stadium in regeneration project

Minority owner Sir Jim Ratcliffe has been vocal about his desire for a new, state-of-the-art ground ever since he purchased almost 30% of the club in February last year.

The planned stadium would become the largest in the UK - overtaking Wembley Stadium, which has a capacity of 90,000.

The project, undertaken in conjunction with a government regeneration task force chaired by Lord Sebastian Coe, has been developed by Foster + Partners.

It will replace one of the world's most iconic football stadiums and redevelop the surrounding area.

During the construction process, United will continue to play at Old Trafford, Sky Sports News reported.

During the announcement, Sir Jim said the ground would be the "world's greatest" football stadium.

He added the new stadium would be built "next to the existing site".

In a press release, United said the project could bring billions of pounds to the UK economy, create as many as 92,000 jobs and more than 17,000 new homes.

The stadium is estimated to cost £2bn and Omar Berrada, United chief executive, said he was confident they could attract investors.

Lord Foster, the architect and founder of Foster + Partners, said the stadium would only take five years to build as it would utilise prefabrication.

Offering further details about the stadium plans, Lord Foster said: "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."

However, when he was asked about a timeline, Sir Jim said it would also depend on the government's regeneration efforts as well.

Leadership figures involved in the new stadium also stressed its wider benefits for the local area and its economy, as well as the wider North West.

"If we get this right, the regeneration impact could be bigger and better than London 2012," Andy Burnham, mayor of Greater Manchester, said.

While senior figures at United have been trying to sound upbeat about the club's future, the men's team has struggled on the pitch this season, languishing in the bottom half of the Premier League table.

Alongside that, under Sir Jim's stewardship, there have been rounds of redundancies and cost-cutting measures.

On the evening before the stadium announcement, the British billionaire spoke in a round of interviews in which he tried to justify his actions so far and talk up the club's future.

However, he also described some of his players as "not good enough" and admitted some were likely overpaid.

While Sir Jim has been the face of the club's cost-cutting approach, majority owners the Glazers are widely blamed for the malaise and the debt, with many fans accusing them of draining the club of its resources for personal gain since taking it over in 2005 and protesting against them.

-SKY NEWS