After unveiling the plans at the London offices of architecture firm Foster + Partners, INEOS chairman and Man Utd part-owner Ratcliffe said: "Today marks the start of an incredibly exciting journey to the delivery of what will be the world’s greatest football stadium, at the centre of a regenerated Old Trafford.
"Our current stadium has served us brilliantly for the past 115 years, but it has fallen behind the best arenas in world sport. 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."
He added: "The Government has identified infrastructure investment as a strategic priority, particularly in the north of England, and we are proud to be supporting that mission with this project of national, as well as local, significance."