Manchester United has welcomed the announcement of government support for the project to regenerate the area around Old Trafford.
In a statement on Saturday evening, The UK Treasury said Rachel Reeves, the Chancellor of the Exchequer, was championing the Old Trafford project as “a shining example” of the government’s plans to promote economic growth.
Manchester United is working with Trafford Council and the Greater Manchester Combined Authority to develop plans for the regeneration of the Old Trafford area, with the development of a world-class stadium for Manchester United at the heart of the project.
While Manchester United would be responsible for the stadium development, support from public bodies would be needed to unlock the wider regeneration opportunity, including improved transport infrastructure and housing.
Reacting to the Treasury statement, Omar Berrada, CEO of Manchester United, said: “The delivery of a world-class stadium can be the catalyst for major regeneration of an area of Greater Manchester which requires new investment to thrive again.
“We cannot achieve that wider aim on our own, which is why we welcome the announcement by the Chancellor and the ongoing support of the Mayor of Greater Manchester and Trafford Council. If we work together, there is a once-in-a-lifetime opportunity to create a landmark project around Old Trafford that the whole region can be proud of.”
Andy Burnham, Mayor of Greater Manchester, said: “With our devolved powers we’re mobilising the whole Greater Manchester system to lock in growth for the next decade and reap the rewards for our city-region and UK plc.
“The project around Old Trafford represents the biggest opportunity for urban regeneration this country has seen since London 2012 and is a key part of our 10-year plan to turbocharge growth across Greater Manchester. We look forward to working with the Government on moving freight away from the site around Old Trafford to new locations to open up capacity for our rail network and unlock massive regeneration potential – delivering benefits across the whole of the North.”
Last week the Old Trafford Regeneration Task Force revealed an initial options report which included findings that showed that the project can deliver an extra £7.3bn gross value added to the UK economy and more than 90,000 employment opportunities.
The Task Force determined that a redeveloped Old Trafford could increase the capacity of the existing stadium to 87,000, whereas a new build stadium would allow capacity to reach 100,000. Both options remain under consideration, with the club set to decide on the preferred approach ahead of the summer.
In the week ahead, Trafford Council and Greater Manchester Combined Authority will discuss the benefits of establishing a Mayoral Development Corporation (MDC) to help drive the project forward.
An MDC is a statutory body which can drive the delivery of large-scale development, including mixed-use regeneration, transformational urban extensions, and new settlements. It can take on powers to acquire and develop land and bring forward new infrastructure – laying the groundwork for an ambitious regeneration project aligned with Greater Manchester’s wider growth mission.
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