Manchester United (MANU.N), opens new tab have secured the majority of the land needed for their new 100,000-seater stadium, the Premier League club said on Monday.
United had announced plans last year to build the 2 billion pound ($2.65 billion) stadium, which would be the largest in Britain, next to the existing Old Trafford.
The club said it had acquired a 25-acre site, located approximately 350 metres (about a quarter-mile) north-west of Old Trafford, from industrial space provider Indurent and a Blackstone portfolio company.
“Being able to build so close to Old Trafford allows us to preserve the heritage, traditions and rituals that are so important to our fans,” Collette Roche, the CEO of United’s new stadium development, said in a statement.
“We are committed to building a world-class stadium with our supporters, not just for them, with atmosphere, affordability and accessibility at the heart of our thinking.
Old Trafford has been home to the 13-time English Premier League champions since 1910. The stadium, which seats more than 74,000, has not undergone any major redevelopment since 2006 and has also faced issues including a leaking roof, inadequate drainage and rodent sightings.
Minority owner Jim Ratcliffe, who holds a roughly 29% stake and oversees football operations, has favoured building a brand-new stadium over renovating Old Trafford.
United CEO Omar Berrada said in March last year the investment in the new stadium could affect squad spending and competitiveness for five years.
After struggling to replicate the success achieved under Alex Ferguson on and off the pitch, United’s finished third in the recently concluded season under Michael Carrick, securing a berth in the Champions League for the first time in two seasons.
