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A study by English football club Manchester United has concluded that the project to renovate its Old Trafford stadium and the surrounding area could generate £7.3 billion ($9.7 billion) a year for the British economy..
Despite the positive economic viability, Greater Manchester Mayor Andy Burnham said no public money would be allocated to the project..
United are considering whether to pursue a £2bn plan to build a new 100,000-seater stadium or revamp the current 74,000-seater Old Trafford..
Burnham has backed ambitions to redevelop the stadium alongside a “mixed-use” neighbourhood featuring new residential developments, shopping centres and public transport links..
Global consulting firm Oxford Economics revealed that the renovation project could create 92,000 new jobs, more than 17,000 new homes and 1.8 million additional visitors annually to the region..
“It is probably the biggest regeneration scheme I have ever seen in this country,” Burnham said. “We hope this will be the best football stadium in the world and will benefit the people around it.”».
The project is being led by one of United’s owners, British billionaire Jim Ratcliffe, who bought a minority stake in the club earlier this year..
Although Ratcliffe initially hinted that he might seek government help to fund what he called the “Wembley of the North”, after the national stadium in London, it now appears that the move has been abandoned..
Last week, United appointed world-renowned architecture firm Foster + Partners to work on the plans..
Fans were asked to give their views on the redevelopment, with former United captain Gary Neville, who is part of the Old Trafford regeneration taskforce, urging fans to get involved..
