Economic Benefits Of Man Utd’s Potential New Stadium ‘Unparalleled In Scale’

Manchester United’s potential 100,000 seater stadium will bring unparalleled economic benefits, experts say.

The stadium and wider regeneration project have the potential to add an extra £7.3 billion each year to the UK economy, with the possibility of creating more than 17,000 homes and 92,000 jobs, the football club said.

Oxford Economics, which was commissioned by the club to investigate the economic feasibility of the project, previously said a new stadium could bring in an extra 1.8 million visitors to the city per year.

Dr Tony Syme, macroeconomic expert at the University of Salford’s Business School, told the PA news agency: “In terms of the economic impacts, the project would have to be so large to achieve this, I can’t think of anything on this scale in the north of England.”

He went on: “It should mean enormous opportunities, it would be a much larger social, leisure, sporting centre around Trafford, so enormous possibilities in terms of employment and jobs.”

Dr Syme said there may be “major disruption” to residents who live nearby, but that the possibilities outweigh this.

A start date for the work has not been confirmed, but architect Norman Foster said that once work is under way it could be built within five years.

Manchester United’s co-owner, billionaire Ineos chief Sir Jim Ratcliffe, previously estimated a new stadium would cost about £2 billion.

A report by Oxford Economics last year said that Trafford Wharfside and the area containing the current stadium and the site for a potential new ground are “largely industrial”, with a considerable amount of car parking and derelict land.

It found that Manchester United’s potential investment and associated masterplan for the surrounding area could provide a “catalyst” for regeneration there.

Oxford Economics said that a new stadium could “catapult Trafford from among the worst performing local authorities in the country to among its best performers”.

It said that the Stadium District and Trafford Wharfside Masterplan has the potential to deliver more than 17,000 more homes, which are expected to accommodate more than 42,000 additional residents.

The report found that there is an opportunity to support the delivery of both the stadium and regeneration of Trafford Wharfside by upgrading the railway line in Trafford.

Dr Syme said the new stadium would be “much bigger” than the regeneration work delivered in East Manchester by the owners of Manchester City since 2008.

Lord Sebastian Coe, chairman of the Old Trafford Regeneration Task Force, said it was the biggest and most exciting urban regeneration project in the UK since the 2012 London Olympics.

Andy Burnham, mayor of Greater Manchester, said: “Our common goal on the Task Force has been to try to unlock the full power of the club for the benefit of its supporters and for Greater Manchester as a whole, creating thousands of new homes and jobs.

“If we get this right, the regeneration impact could be bigger and better than London 2012. Manchester United could, and indeed should, have the best football stadium in the world.”

Aaron Robertson, another lecturer at the University of Salford’s Business School, said the impact would extend “far beyond construction” and could “shape communities, support workers and influence the entire built environment sector”.

Tottenham Hotspur unveiled a new stadium in 2019, prompting a boost to the local economy.

An in-depth analysis of Spurs’ socio-economic impact from the 2021-22 season by professional services company EY found the club contributes about £900 million of gross output to London’s economy, generating an additional £478 million of growth value added (GVA) in London.

A total of £296 million of this GVA is for the borough of Haringey specifically, which is a vast increase on the £120 million GVA per annum being generated in 2015 when the club called 36,284-seater White Hart Lane its home.