It is currently unclear how much construction of the new stadium would cost. Image: Foster + Partners/PA

In a statement on its website, Manchester United said that the stadium and wider regeneration project had the potential to deliver an additional 拢7.3 billion (US$9.4 billion) per year to the UK economy. It was also claimed that the new stadium could lead to the creation of 92,000 new jobs, as well as driving an additional 1.8 million visitors annually.

United鈥檚 co-owner Sir Jim Ratcliffe said the plans showed a 鈥渢ruly state-of-the-art stadium鈥� that could be a 鈥渃atalyst鈥� for change.

Ratcliffe tried to tie the planned new stadium into UK government鈥檚 wider policy agenda, saying, 鈥淭he 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.鈥�

Ratcliffe has previously said that government money would be needed for the regeneration scheme, but not for the construction of the stadium itself. UK Chancellor Rachel Reeves has indicated that the government would support funding the regeneration of the area. Manchester United are in debt by approximately 拢1 billion (US$1.2 billion).

Foster + Partners is the architect that has drawn up the initial plans. Lord Norman Foster, the company鈥檚 founder and executive chairman, said, 鈥淭he stadium is contained by a vast umbrella, harvesting energy and rainwater, and sheltering a new public plaza that is twice the size of Trafalgar Square.

鈥淭he outward-looking stadium will be the beating heart of a new sustainable district, which is completely walkable, served by public transport, and endowed by nature. It is a mixed-use miniature city of the future 鈥� driving a new wave of growth and creating a global destination that Mancunians can be proud of.鈥�

Opened in 1910, Old Trafford is one of the largest stadiums in England, with a capacity of 74,000, but Manchester United鈥檚 home ground has been in a state of disrepair for some years.