A planned redevelopment around Manchester United's iconic Old Trafford stadium could inject 7.3 billion euros ($9.7 billion) annually into the British economy, according to a club-commissioned economic feasibility study.
Despite the potential boost, Greater Manchester Mayor Andy Burnham clarified Monday that no public funds will be allocated to the project.
United are weighing options between a 2 billion euro investment in a new 100,000-seat stadium or a revamp of the current 74,000-capacity Old Trafford.
Burnham has backed the ambitions to redevelop the stadium alongside a “mixed-use” neighborhood featuring apartment blocks, shopping centers and new public transport stations.
Global advisory firm Oxford Economics revealed the regeneration project could deliver 92,000 new jobs, more than 17,000 homes and an additional 1.8 million visitors per year to the area.
“This could be the biggest regeneration scheme I’ve ever seen in this country,” Burnham said.
“We hope it’s the best football stadium in the world, which brings benefits to residents around it.”
The project is being spearheaded by United co-owner Jim Ratcliffe, who bought a minority stake in the club earlier this year.
Although Ratcliffe initially hinted he could pursue government assistance to fund a “Wembley of the North,” that now appears to have been ruled out.
Last week, United appointed globally renowned architects Foster + Partners to work on the plans.
Fans are being asked for their views on the redevelopment, with former United captain Gary Neville, part of an Old Trafford Regeneration Task Force, urging supporters to participate.
