Sir Jim Ratcliffe could push to “fast-track” the construction of a new 100,000-capacity stadium after Manchester United took a significant step towards transforming their home into a state-of-the-art "Wembley of the North."

The club faces two options: constructing a brand-new £2 billion stadium or redeveloping the existing Old Trafford to increase its capacity to 87,000. The Old Trafford Regeneration Taskforce, established by Ratcliffe in March last year, has published an options report, with the club expected to make a final decision by the end of the season.

According to Telegraph Sport, United are inclined towards building a new stadium as part of a broader regeneration project, which could inject £7.3 billion annually into the UK economy and create approximately 90,000 jobs nationwide. High-level discussions are ongoing regarding the development of a 100-acre site near Old Trafford to maximise the project's potential.

While initial estimates suggest the new stadium could take around seven years to complete, Ratcliffe is reportedly exploring ways to accelerate the timeline, drawing inspiration from Los Angeles' SoFi Stadium, which was built in four years. The club is also closely studying the logistical and financial aspects of the SoFi project.

No final decision has been made, with significant details, including funding, still under consideration. However, the taskforce has encouraged the club to embrace this “once-in-a-lifetime” opportunity and highlighted the advantages of ambitious redevelopment.

A new stadium is estimated to cost between £2 billion and £2.3 billion, compared to the £1.2 billion cost of redeveloping Old Trafford. However, the redevelopment of the 115-year-old stadium presents challenges, including constructing over the railway line behind the South Stand, which alone could cost £50 million. Additionally, redeveloping Old Trafford would likely reduce capacity during construction, impacting revenue streams for multiple seasons. A new stadium adjacent to the current site would allow United to continue playing at full capacity throughout the build.

A survey conducted by the club revealed that 52% of fans support building a new stadium, with 31% favouring redevelopment and 17% undecided. A separate community survey showed 61% of local residents view regeneration positively.

The club has been in discussions with Freightliner, the UK's largest maritime intermodal logistics operator, about acquiring land near Old Trafford. Freightliner is open to relocating its operations to St Helens, and negotiations appear optimistic. Access to this land would unlock significant development opportunities, even if a deal is not finalised, with Trafford Council and Greater Manchester Combined Authority exploring the possibility of establishing a Mayoral Development Corporation (MDC) to drive the project forward. The MDC would have powers to acquire and develop land, establish infrastructure, and oversee regeneration efforts.

The proposed redevelopment would not only deliver a world-class stadium but also create cultural and entertainment venues, new homes and businesses, and improved transport links. An economic report commissioned by United estimates the wider project could generate 37,000 new jobs and £4.3 billion annually for Trafford, with up to 70,000 jobs created across the regional economy.

Lord Coe, chair of the taskforce, described the project as a potential catalyst for “one of the biggest regeneration projects ever undertaken in the UK,” with the promise of transforming Old Trafford into a global icon of modern football.