Sir Jim Ratcliffe wants Old Trafford to become the ‘Wembley of the North’ in bold £2billion project funded in part by Government money to rebuild Manchester United’s decaying home

Sir Jim Ratcliffe wants a new Old Trafford to become the ‘Wembley of the North’ – and may look for public funding to help realize his dream.

The INEOS billionaire, 71, has been described as ‘a man in a hurry’ since striking a deal for a 25 per cent stake in the club he has supported all his life.

While transforming United’s fortunes on the pitch is the main priority, United’s home is in desperate need of an upgrade and Ratcliffe and his team have already held talks with Greater Manchester Mayor Andy Burnham. The aim is to create a leading, iconic venue to rival Wembley and its 90,000 capacity.

Any approach from central government could fall right in the middle of Westminster’s promises. However, government sources have told Mail Sport that a simple injection of taxpayers’ money to a Premier League giant is highly unlikely.

Instead, help could come in the form of tax breaks and relaxed planning rules, with the potential new site part of a huge redevelopment zone stretching to the Manchester Ship Canal and linking Old Trafford to BBC HQ MediaCity.

Wembley, in North London, has a capacity of 90,000 people and hosts many major football matches

INEOS billionaire Ratcliffe has pledged an initial £237 million for infrastructure improvements

Insiders say Ratcliffe has wasted little time since his deal was announced on Christmas Eve. He has been a lifelong United fan from nearby Oldham and is keen to leave a legacy. A stadium worthy of one of the biggest clubs in the world is a big part of that, according to those close to the situation.

“Jim is a man in a hurry,” a source explains. ‘He is 71 and wants to move on. This is an opportunity to leave a tremendous legacy.”

No decision has yet been made on whether a redevelopment of Old Trafford or a new location on the stadium footprint is the right way forward. However, there is a strong argument that a renovation of the existing stadium, opened in 1910, would prove to be only a short-term measure. Expanding the current ground with a capacity of 74,000 could cost around £800 million, while a new build could cost anywhere between £1 billion and £2 billion.

INEOS has experience in finding finance for major infrastructure projects and is currently building a new £5 billion chemical plant in Antwerp, Belgium. Funding would have to be agreed with the majority owners, the Glazers, who are believed to be keen to see INEOS take the lead. Any debt would have to be repaid and repaid, but would be a different prospect to the existing debt from the Glazers’ leveraged buyout as it would be repaid on a facility that would significantly increase the club’s revenues.

A more creative approach than upgrading Old Trafford would be to build a new home on the vast tracts of land United own behind Stretford End. It would see the club ‘remain’ in its spiritual home but move to a new location, similar to Tottenham’s move in 2019. State-of-the-art and lucrative corporate facilities would be crucial to any new project.

Ratcliffe and Sir Dave Brailsford meet United manager Erik ten Hag during a tour of Carrington

The decline of Old Trafford is a major source of fan resentment towards the Glazers

Such a development could very well be part of a special investment zone. In the Spring 2023 Budget, the government identified a number of areas that would benefit from certain tax and regulatory rules aimed at boosting economic growth and called investment zones. Such an area is likely to include residential and commercial real estate and may even include a research institute or university.

A direct cash payment at a football stadium is considered highly unlikely by government insiders. They point to the fact that other publicly funded stadiums often have a variety of uses and are or have been multi-sport venues and/or are part of a bid for a major sporting event.

For example, Manchester City’s Etihad Stadium was the centerpiece of Manchester’s successful participation in the 2002 Commonwealth Games.

Old Trafford was not selected as the venue for Great Britain and Ireland’s attempt to host the 2028 European Championship final.

Meanwhile, Ratcliffe attended Munich’s memorial service at Old Trafford yesterday.

On the 66th anniversary of the tragedy, Ratcliffe arrived with his INEOS sporting director Sir Dave Brailsford, Sir Alex Ferguson and Burnham for a moving ceremony under the Munich plaque.

United manager Erik ten Hag and women’s team boss Marc Skinner laid wreaths in the pouring rain, followed by captains Bruno Fernandes and Katie Zelem.

Old Trafford currently has a capacity of 74,310 players, but United have long wanted to increase that

Ratcliffe (left) attended the club’s Munich Air Disaster memorial service on Tuesday

The club’s former chaplain, the Rev. John Boyers, led the service and read out the names of the 23 people who died – including eight from the Busby Babes – before a two-minute silence was held at 3.04pm, the exact time of the crash in February. 6, 1958.

A similar service took place at the Manchesterplatz memorial in Munich, where United were represented by Mike Phelan.

Earlier in the day, Phelan laid a wreath at the grave of Franz Beckenbauer, the Germany and Bayern Munich legend who died last month at the age of 78.

Ratcliffe’s investment is expected to be formally completed this month, and moved a step closer on Tuesday following confirmation that his purchase of Class B shares from the Glazer family had been approved by an extraordinary general meeting on Monday.

The purpose of a public-private partnership would be to provide taxpayers with a return on their expenditures, should public funds be used.