Sir Jim Ratcliffe wants a new Old Trafford to become the “Wembley of the North” and they might even go through several means to seek public funds to actualize his lofty dream.
The INEOS billionaire has been termed as “a man in a hurry” since purchasing a 25% stake in Manchester United - a club that he has apparently supported all his life.
The 71-year-old is keen on returning the Red Devils back to their glory days, however, he is also focused on improving the face of the club architecturally.
Old Trafford needs a facelift and a massive upgrade, with Ratcliffe reported to already be holding talks with Greater Manchester Mayor Andy Burnham.
The aim for the British billionaire is for a State-of-the-art iconic ground to rival the revered Wembley and its staggering 90,000-capacity.
A move to the central government could be on the cards amidst Westminster’s leveling up pledges.
However, government sources have informed Mail Sport that funding from taxes from the citizens will likely not be possible.
Anyway, assistance could come in the form of tax breaks and relaxed planning regulations with the potential new venue part of a wide redevelopment zone.
This zone is said to be stretching down to the Manchester Ship Canal and linking Old Trafford with BBC HQ MediaCity.
Based on reports, Sir Jim Ratcliffe is looking at making a massive impact at Manchester United being an age-long fan of the club as aforementioned.
No decision has been made thus far regarding the redevelopment of Old Trafford or a new venue on the stadium footprint is the way to go.
Anyway, there are strong arguments that a fine-tuning of the existing stadium, opened in the early 19th century, 1910 to be precise, would only result in a short-term measure.
Expanding the present, 74,000-capacity ground could cost about £800m while a new build may be anywhere between £1 billion and £2 billion.
INEOS have got ample experience in source for funds for massive infrastructure projects and are currently in the process of building a new £5 billion chemical plant in Antwerp, Belgium.
Agreement with regards to financing would need to be reached with majority owners, the Glazers, who are believed to be happy that the INEOS are taking the lead.
Any debut that could occur will have to be serviced and paid back but it will be a different proposition to that of the Glazers, as an upgrade in the facilities will lead to improved revenue.
If the Red Devils aren't looking at upgrading Old Trafford, they can also choose to build a new home on the vast array of land that the club owns behind the Stretford End.
This would see the club remain at its iconic home but with better facilities, similar to Tottenham Hotspur's move in 2019.
This development could come in the form of a special investment zone, as in the spring budget of 2023, the English government identified several areas that would benefit from specific tax and regulatory rules aimed at powering economic development.
They are dubbed investment zones and these areas would likely include residential and commercial property, they may even include a research institute or university.
A direct cash payment or funding in a football stadium is understood to be highly unlikely by government insiders.
They point to the fact that other public-funding stadia are often used for multiple purposes, or as part of moves to host major sporting events.
The Etihad Stadium, which is home to Manchester City, for example, was the face of Manchester’s successful bid for the Commonwealth Games in 2002.
Old Trafford was overlooked as a venue for the United Kingdom and Ireland’s bid to host the 2028 European Championship finals.
Anyway, Sir Jim Ratcliffe's investment is expected to be officially completed in February 2024.
The completion process moved forward on Tuesday, February 6, 2024, following confirmation that his acquisition of Class-B shares from the Glazer family was sanctioned by an extraordinary general meeting on Monday, February 5, 2024.
Meanwhile, the aim of a public-private partnership in the facelift, upgrade, or building of such facilities would be to provide the taxpayer with a return on its investment, should any public funds be utilized.
The INEOS billionaire has been termed as “a man in a hurry” since purchasing a 25% stake in Manchester United - a club that he has apparently supported all his life.
The 71-year-old is keen on returning the Red Devils back to their glory days, however, he is also focused on improving the face of the club architecturally.
Old Trafford needs a facelift and a massive upgrade, with Ratcliffe reported to already be holding talks with Greater Manchester Mayor Andy Burnham.
The aim for the British billionaire is for a State-of-the-art iconic ground to rival the revered Wembley and its staggering 90,000-capacity.
A move to the central government could be on the cards amidst Westminster’s leveling up pledges.
However, government sources have informed Mail Sport that funding from taxes from the citizens will likely not be possible.
Anyway, assistance could come in the form of tax breaks and relaxed planning regulations with the potential new venue part of a wide redevelopment zone.
This zone is said to be stretching down to the Manchester Ship Canal and linking Old Trafford with BBC HQ MediaCity.
Based on reports, Sir Jim Ratcliffe is looking at making a massive impact at Manchester United being an age-long fan of the club as aforementioned.
No decision has been made thus far regarding the redevelopment of Old Trafford or a new venue on the stadium footprint is the way to go.
Anyway, there are strong arguments that a fine-tuning of the existing stadium, opened in the early 19th century, 1910 to be precise, would only result in a short-term measure.
Expanding the present, 74,000-capacity ground could cost about £800m while a new build may be anywhere between £1 billion and £2 billion.
INEOS have got ample experience in source for funds for massive infrastructure projects and are currently in the process of building a new £5 billion chemical plant in Antwerp, Belgium.
Agreement with regards to financing would need to be reached with majority owners, the Glazers, who are believed to be happy that the INEOS are taking the lead.
Any debut that could occur will have to be serviced and paid back but it will be a different proposition to that of the Glazers, as an upgrade in the facilities will lead to improved revenue.
If the Red Devils aren't looking at upgrading Old Trafford, they can also choose to build a new home on the vast array of land that the club owns behind the Stretford End.
This would see the club remain at its iconic home but with better facilities, similar to Tottenham Hotspur's move in 2019.
This development could come in the form of a special investment zone, as in the spring budget of 2023, the English government identified several areas that would benefit from specific tax and regulatory rules aimed at powering economic development.
They are dubbed investment zones and these areas would likely include residential and commercial property, they may even include a research institute or university.
A direct cash payment or funding in a football stadium is understood to be highly unlikely by government insiders.
They point to the fact that other public-funding stadia are often used for multiple purposes, or as part of moves to host major sporting events.
The Etihad Stadium, which is home to Manchester City, for example, was the face of Manchester’s successful bid for the Commonwealth Games in 2002.
Old Trafford was overlooked as a venue for the United Kingdom and Ireland’s bid to host the 2028 European Championship finals.
Anyway, Sir Jim Ratcliffe's investment is expected to be officially completed in February 2024.
The completion process moved forward on Tuesday, February 6, 2024, following confirmation that his acquisition of Class-B shares from the Glazer family was sanctioned by an extraordinary general meeting on Monday, February 5, 2024.
Meanwhile, the aim of a public-private partnership in the facelift, upgrade, or building of such facilities would be to provide the taxpayer with a return on its investment, should any public funds be utilized.