Man United to replace Old Trafford with new 100,000-seat stadium

Manchester United unveiled plans to leave Old Trafford, their historic home ground, and build a new 100,000-seat venue that co-owner Jim Ratcliffe says will be the "world's greatest football stadium."

The proposed arena, officially announced Tuesday, would surpass Wembley Stadium as the largest in the United Kingdom. The club is hopeful the new stadium, which could reportedly cost £2 billion, can be finished in five years, though a start date for construction hasn't been announced.

Man United have spent the past year examining if they should redevelop Old Trafford, their deteriorating venue that was opened in 1910 and has had a capacity of 76,000 since its latest expansion in 2006. Instead, the 20-time English champions have opted to build a new venue as part of a widespread "regeneration of the Old Trafford area."

"Our current stadium has served us brilliantly for the past 115 years, but it has fallen behind the best arenas in world sport," Ratcliffe said. "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.

"Just as important is the opportunity for a new stadium to be the catalyst for social and economic renewal of the Old Trafford area, creating jobs and investment, not just during the construction phase, but on a lasting basis when the stadium district is complete."

Conceptual images for the new venue and surrounding area were released by Foster + Partners, the British architectural firm appointed on the project. Lead architect Norman Foster said the stadium will be sheltered by an umbrella design that's "twice the size of Trafalgar Square" in London.

(Images courtesy: Manchester United, Foster + Partners)

The club won't need to play matches away from Old Trafford while work on the new stadium is underway, sources told Rob Dawson of ESPN.

Manchester United said the regeneration project, which has government support, would be worth £7.3 billion to the U.K. economy. Funding specifics aren't yet known.

Sir Alex Ferguson, the legendary former manager who oversaw the greatest period of sustained success in club history, lauded the decision to leave Old Trafford and move into a new home.

"Manchester United should always strive for the best in everything it does, on and off the pitch, and that includes the stadium we play in," Ferguson said. "Old Trafford holds so many special memories for me personally, but we must be brave and seize this opportunity to build a new home, fit for the future, where new history can be made."