Manchester United have unveiled plans to build a new 100,000-seater stadium close to Old Trafford, with co-owner Sir Jim Ratcliffe tipping it to be the "world's greatest football stadium". The club issued a statement revealing the grand plans on Tuesday morning, and comes just a day after Sir Jim Ratcliffe issued a damning verdict on the state of the club's finances.

Manchester United will make an historic move away from Old Trafford as the club revealed plans to build a brand-new 100,000-capacity stadium in what is being seen as a huge statement of intent by the club.

The project has been described as "the centrepiece of the regeneration of the Old Trafford area".

Sir Jim Ratcliffe, co-owner of Manchester United, said: "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. 

"Just as important is the opportunity for a new stadium to be the catalyst for social and economic renewal of the Old Trafford area, creating jobs and investment, not just during the construction phase, but on a lasting basis when the stadium district is complete. The 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."

The move will include the possible creation of 92,000 new jobs and more than 17,000 new homes.

Old Trafford has been United's home since 1910 and is the second-largest football stadium in the United Kingdom - behind Wembley - with a capacity in the region of 74,000.

However, the current state of the ground has been heavily criticised, with well-documented leaks from the roof of the Sir Bobby Charlton Stand.

The stadium was also omitted from the list of venues at Euro 2028, which will be hosted by the UK and the Republic of Ireland.

Wembley, Hampden Park and the Principality Stadium have been selected, while the Tottenham Hotspur Stadium, Etihad Stadium and St James' Park are among the Premier League venues set to be used.

Legendary former manager Sir Alex Ferguson was also quoted in the club's press release, and the Scot highlighted the importance of being "brave" and to "seize this opportunity," in reference to the move.

"Manchester United should always strive for the best in everything it does, on and off the pitch, and that includes the stadium we play in," he added.

"Old Trafford holds so many special memories for me personally, but we must be brave and seize this opportunity to build a new home, fit for the future, where new history can be made."