Chancellor Rachel Reeves ‘championing’ Man Utd's £2bn 'Wembley of the North' Old Trafford regeneration project in major boost for INEOS & Sir Jim Ratcliffe

The government declared the club's plans for a new 100,000-seater stadium as the centrepiece of a major regeneration project as "a shining example of the model that will drive growth across the region". The club's influential minority owner Sir Jim Ratcliffe is keen to fast-track the move, according to the Telegraph.

While United will have to finance a new stadium themselves, public money could be allocated to the development of the wider project. The plans, which include new housing, commercial and public spaces, are forecast to generate £7.3bn annually for the UK economy and create 90,000 jobs.

The government said of the plans: "The Chancellor revealed today that she is championing a regeneration project around Old Trafford in Manchester that will see new housing, commercial and public space as a shining example of the bold pro-development model that will drive growth across the region, with authorities exploring setting up a mayoral development corporation body to redevelop the area."

Manchester United chief executive Omar Berrada added: "The delivery of a world-class stadium can be the catalyst for major regeneration of an area of Greater Manchester which requires new investment to thrive again. We cannot achieve that wider aim on our own, which is why we welcome the announcement by the Chancellor. If we work together, there is a once-in-a-lifetime opportunity to create a landmark project around Old Trafford that the whole region can be proud of."

United are expected to make a decision by the end of the season about whether they implement changes to their current Old Trafford stadium or build a new one completely, with INEOS chairman Ratcliffe said to be leaning towards the latter. The club's part owner is said to be excited by "Wembley of the North" proposals, which are also endorsed by the Mayor of Greater Manchester, Andy Burnham.