Jim Ratcliffe unveils plan for 'world class' stadium at Old Trafford

Manchester United co-owner Jim Ratcliffe called the chance to develop a world-class stadium and regenerate the Old Trafford area a "once-in-a-century opportunity" as Sebastian Coe was named chair of a new joint task force.

The Red Devils will not be moving away from Old Trafford but have options to redevelop the current ground or build a new one on adjacent club-owned land.

New minority owner Ratcliffe recently said redevelopment will cost around £1billion (€1.174 billion) but favoured a new £2billion (€2.249 billion) stadium that would be among the best in the world.

The Ineos chairman recently said he sees no issue with United seeking state support for a new ground and financing will be one aspect of the 'Old Trafford Regeneration Task Force', which will explore "the development of a world-class football stadium at the heart of the project" to regenerate the area.

United co-owner Ratcliffe said: "This can be a major regeneration project for an area of Greater Manchester which has played such a key role in British industrial history, but which today requires new investment to thrive again.

"The north-west of England has a greater concentration of major football clubs than anywhere else in the world, yet we don’t have a stadium on the scale of Wembley, the Nou Camp or Bernabeu.

"We will not be able to change that on our own, which is why this task force is so important to help us seize this once-in-a-century opportunity."

Coe, the London 2012 chief, has been named as chair of a task force comprised of local leaders and national experts, including Andy Burnham, Mayor of Greater Manchester, and former United captain Gary Neville.

The Glazer family, who remain majority owners of the Premier League club, were conspicuous by their