Revealed: When construction of Man Utd's new £2bn 'Wembley of the North' will be completed as Sir Jim Ratcliffe outlines desire to create 'world’s greatest football stadium'

United confirmed their intention to build a new 100,000-capacity stadium on Tuesday as they released a promo video of the new ground. Per The Telegraph, the club will demolish Old Trafford and build the new venue on the land adjacent to their old stadium.

The Guardian reports that the Red Devils are planning to finish the construction of the new stadium by 2030. Club part-owner Sir Jim Ratcliffe has also suggested that the project could begin soon. "It depends how quickly the government gets going with the regeneration programme. I think they want to get going quite quickly; they want to see progress in this term," said the British billionaire.

"Immense amount of work for people of Manchester. But modules mean we can build stadium much more quickly. There are yards in world that will build structures which are then shipped. Abu Dhabi, Indonesia, Thailand. Five-year project rather than ten."

He added in the club's official press release on the new stadium: "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."

United's new ambitious project will stimulate the economic growth in the Greater Manchester area as it will generate close to 92,000 jobs and 17,000 new homes in the region. The mayor of Greater Manchester, Andy Burnham, said: "If we get this right, the regeneration impact could be bigger and better than London 2012. Manchester United could, and indeed should, have the best football stadium in the world.

"To me, that means a stadium that is true to the traditions of the club, affordable to all, with nobody priced out, and a stadium that sets new standards in the game globally. I believe this vision can be realised, and if so, the benefits for Greater Manchester, the north-west and the country will be huge."

While the ownership is working behind the scenes to come up with a new home for the Red Devils, on the field, Ruben Amorim's side will be back in action this Thursday as they take on Real Sociedad in the second leg of their Europa League round of 16 fixture at Old Trafford.