The plans for a new stadium have been approved by the British government and not only that, the government is providing financial support to carry out the giant project worth over 2 billion pounds.
– After Sir Jim Ratcliffe bought 27.7% of the shares in the club (now almost 30%), the criticism has been fierce against the British billionaire for a number of unwise decisions. The savings program has been implemented to prevent the deficit from becoming too large so that Manchester United comes into violation of the Premier League and Uefa’s financial rules.
Increased capacity at Old Trafford will lead to increased revenues, which in turn can give the club greater freedom of action. Investments in infrastructure are kept outside the balance sheet rules.
Manchester United started working in earnest on plans to build a new giant stadium with room for around 100,000 spectators this summer. Later, in September, the club presented the results of a feasibility study from Oxford Economics.
They had looked into what the benefits would be of developing the Trafford Park area, and it was generally positive. (not surprising considering who paid for the survey) A transformation of the area and a new “world-class arena” will provide 92,000 jobs, 17,000 homes and 1.8 million visitors annually. It will also boost the UK economy by £7.3 billion a year.
Now the British government has given the green light, reports Manchester United. The Government will also provide financial support when the arena, and the area, undergoes a transformation.
“Delivering a world-class stadium could be the catalyst for a major regeneration of an area of Manchester that requires new investment to thrive again. We cannot achieve the broader goal on our own, so we welcome the announcement from the finance minister and the continued support of the mayor,” said United director Omar Berrada.
He continues:
“If we work together, it’s a once-in-a-lifetime opportunity to create a landmark around Old Trafford that the whole region can be proud of.
Old Trafford has been Manchester United’s home stadium since 1910, with the exception of the years 1941 to 1949 when it had suffered too much damage as a result of World War II. Recently, British media reported that there was a problem with rats.
