Minority owner Sir Jim Ratcliffe has stated he desires to build the "world's greatest football stadium" which the club hopes could be finished in five years. Plans to redevelop Old Trafford have been scrapped and they will build an entirely new stadium - next to the old one.
The club are currently £1BN in debt and recently announced that they will no longer feed staff members who work tirelessly for the club. However, United say the entire project has the potential to create 92,000 new jobs, will involve the construction of 17,000 homes and bring an additional 1.8 million visitors to the area annually. They add that the project will be worth an additional £7.3BN per year to the UK economy.
The planned stadium would become the largest in the UK - overtaking Wembley Stadium, which has a capacity of 90,000 and during the announcement, Sir Jim said the ground would be the "world's greatest" football stadium as he spoke on the project.
"Today marks the start of an incredibly exciting journey to the delivery of what will be the world's greatest stadium," said Ratcliffe.
"Our current stadium has served us brilliantly for the past 115 years but it has fallen behind the arenas in world sport.
"I think we may well finish up with the most iconic football stadium in the world."
When asked when the project may begin, he revealed that the cogs may start turning very soon which is good news for a club who have been desperate for investment for some time.
"It depends how quickly the government gets going with the regeneration programme. I think they want to get going quite quickly."
Lord Norman Foster, founder of Foster + partners also opened up on the deal and offered some details on the stadium plans.
"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."