Ratcliffe admits the cost to build a new stadium is out of reach.
:"We will put together a small task force made up of people who have useful opinions and we will explore whether a larger project makes sense", explained Ratcliffe.
"From what we have seen of the stadium so far, there's a really good case to renovate Old Trafford, probably at a cost of around 1 billion, or something like that. You end up with a big stadium, probably 80 or 90,000 seats.
"It's not perfect because you're modifying a stadium, which is located right next to a railway line and things like that, so it's not an ideal world. But you end up with a very good solution.
"Manchester United needs a stadium worthy of one of the biggest clubs in the world and at the moment, it isn't."
As for the possibility of building a new stadium, Ratcliffe would like a new "northern stadium".
“You could play the FA Cup final and it wouldn't all be centered around the south of England. In an ideal world, absolutely, that's where I would like to be, but you have to be practical in life."