The owners of Manchester United intend to decide by the end of 2024 whether to invest more than £2 billion in a brand-new stadium that can accommodate 100,000 spectators.
Sir Jim Ratcliffe, a co-owner of United, has assembled a taskforce to examine the viability of constructing a new stadium and renovating Old Trafford in order to create a “Wembley of the north” for the team.
Former Red Devils captain Gary Neville and Greater Manchester Mayor Andy Burnham are members of the group, which is led by Lord Sebastian Coe.
Club insiders verified that the taskforce has convened four times already, with the main focus of the discussions being on building a new stadium instead than refurbishing the current one, which would require more time and cost about £1.2 billion.
It has been emphasized that no choice has been made.
£237 million was set aside in Ratcliffe’s £1.25 billion agreement for his 27.7% ownership of the team for future stadium improvements. The principal owners, the Glazer family, have relinquished control of the football operations to his Ineos Group.
Old Trafford, home of Manchester United since 1910, has 74,310 seats. Renovations have been complicated by a railway line at the back of the Sir Bobby Charlton Stand and the need to drastically reduce capacity during construction, which has resulted in major revenue loss and inconvenience for fans.
Unlike Tottenham, who played at Wembley while their £1.2bn stadium was being completed, United have no obvious alternative ground to use.
The club want something in keeping with their roots in an industrial city and it is anticipated the statues around the current stadium would be relocated to any new ground.
Ratcliffe wants local and national government to play some part in funding the overall project although, realistically, that is likely to involve transport links.
Exactly how the stadium would be financed is one of the subjects still under discussion.
At current exchange rates, United’s present debt is £647.5m, excluding outstanding transfer fee payments, made up of $650m (£504.5m) historic debt as a legacy of the Glazer family takeover in 2005 and £143m from a rolling credit facility.
The Glazers are being kept up to date with the discussions.
Sources said United’s chief operating officer Collette Roche has been assessing stadium redevelopments worldwide, including the Optus Stadium in Perth, which opened in 2018, and Real Madrid’s renovated Bernabeu Stadium.
There has also been discussion with officials at the 70,000-capacity SoFi Stadium, where United were beaten by Arsenal in a US tour game on Saturday.
Inglewood Mayor James T Butts confirmed Gunners’ owner Stan Kroenke paid all $5bn (£3.88bn) to build SoFi Stadium, home to the LA Rams and LA Chargers NFL sides, describing it as the “pre-eminent stadium in the world”.
He told BBC Sport: “Ordinarily, when a team goes into a new stadium, the city pays $300-$500m (£232.86m-£388.1m) for construction costs or an equivalent amount of land.
“We did neither of those things. What we had was the location. We made a deal that suited both of us but it didn’t involve funding or buying land. Stan Kroenke paid $5bn (£3.88bn).”