Manchester United Football Club have revealed plans to construct a new £2bn ($2.58bn) stadium, which is expected to serve as a catalyst for the regeneration of the Old Trafford area, aligning with the UK government’s growth strategy.

The proposed 100,000-seat stadium is part of a larger project that could add £7.3bn per year to the UK economy.

Manchester United co-owner Sir Jim Ratcliffe stated that the new stadium will be built next to the existing site to “preserve the essence of Old Trafford”.

The development is projected to bring social and economic benefits, potentially creating 92,000 new jobs and more than 17,000 new homes. It is also expected to attract an additional 1.8 million visitors annually.

Foster + Partners, an architecture group, unveiled conceptual images and scaled models of the proposed stadium and district.

These visuals will guide the forthcoming stages of feasibility studies, community consultations, design, and planning for the project.

The construction method proposed involves prefabricated components transported via the Manchester Ship Canal, which could allow the stadium to be completed within five years, according to the architect.

Foster + Partners founder and executive chair Lord Norman Foster said: “This has to be one of the most exciting projects in the world today, with incredible regional and national significance. It all starts with the fans’ experience, bringing them closer than ever to the pitch and acoustically cultivating a huge roar.

“The 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. The 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 – driving a new wave of growth and creating a global destination that Mancunians can be proud of.” 

Manchester United chief executive Omar Berrada added: “Our long-term objective as a club is to have the world’s best football team playing in the world’s best stadium. We are grateful for the feasibility work done by the Old Trafford Regeneration Task Force exploring options for the future of Old Trafford.

“We have carefully considered its findings, together with the views of thousands of fans and local residents and concluded that a new stadium is the right way forward for Manchester United and our surrounding community. We will now embark on further consultation to ensure that fans and residents continue to be heard as we move towards final decisions.”