Manchester United appear to have taken the next step in their Old Trafford regeneration plan. In 2025, minority owner Sir Jim Ratcliffe announced a bold initiative to build an ambitious new 100,000-seater stadium on the same site as the current ground. After months of silence on this topic, the Red Devils have provided an update on this gigantic operation.Last March, Ratcliffe stated that he wanted United's new ground to become the ‘Wembley of the North’. However, plans to build this vast structure, which could cost upwards of £2 billion ($2.7bn), have been hit by financial troubles. Despite that, Ratcliffe explained why United had decided to pursue a new-build stadium, rather than redeveloping Old Trafford."We've got a ground at Old Trafford today, which is a bit piecemeal, isn't it? You know stadiums which were built or stands that were built at different times: they don't fit together very well," he said. "The roof leaks. It hasn't got the finest infrastructure. The players can't arrive underground and all that type of stuff. It's right next to the railway, which compresses the fans when they arrive, so we can't get people into the ground that easily and out of the ground. "You know this expression: don't spend good money after bad. I think what would have happened if we tried to refurbish the stadium, we would have discovered that it actually would probably have been 70 per cent of the cost of building a new stadium. And in 25 years’ time, we'd be talking about building a new stadium because it wouldn't be perfect. So then we looked at the option of a new stadium and, of course, you can design the perfect stadium then - you can build a very large stadium."Ultimately, it came down to, you know, what's the wisest way of spending Manchester United's money? Because at the end of the day, it's Manchester United's money that effectively will be behind it."On Friday, United announced the official launch of the Old Trafford Regeneration Mayoral Development Corporation (OTR MDC). The Red Devils describe this as a 'major milestone' in their bid to build a 'world-class home' for the club and the surrounding area. The OTR MDC will be the 'driving force' behind the transformation of the 370-acre Old Trafford area and the goal is to build more than 15,000 new homes and create 90,000 jobs. It adds this will improve public space, provide significant infrastructure benefits for fans, residents and visitors, and is expected to add more than £7bn ($9.5bn) per year to the United Kingdom's economy. United's chief operating officer, Collette Roche, admitted it was a privilege to front this project in their bid to make the new Old Trafford one of the best stadiums in the world. She added that this development marks an important milestone for the club.She told United's website: "It's an honour to represent Manchester United at the launch of the Old Trafford Regeneration Mayoral Development Corporation. Our ambition is to build the world’s best football stadium – one worthy of our supporters, our history and our future. We want to create the best matchday atmosphere and experience anywhere in world football, while ensuring the stadium acts as a catalyst for a vibrant new district for fans, residents and visitors. Today marks a landmark moment for our club, for Trafford, and for Greater Manchester. We express our thanks to Lord Coe, Mayor Andy Burnham, Trafford Council, GMCA, and all our partners and community representatives for their leadership and collaboration in helping us reach this important milestone."Add GOAL.com as a preferred source on Google to see more of our reportingFormer Olympian Lord Sebastian Coe is the chair of the OTR MDC. In his remarks, he described this moment as a "defining" one for United but added there is a long way to go.The President of World Athletics said: "Today is a defining moment, the beginning of a long-term commitment to transforming the Old Trafford area. We are now open for business – and there's a lot to do! Over the next few months, we will share our outline masterplan, and we will begin to make this vision a reality."