Old Trafford revamp set to boost economy

A proposed regeneration of the area around Manchester United's Old Trafford stadium could generate £7.3 billion (S$12.6 billion) annually for the British economy, according to an economic feasibility study that had been commissioned by the club.

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However, Mayor of Greater Manchester Andy Burnham also said on Sept 23 that no public money would go towards the project.

The Red Devils are considering whether to pursue a £2 billion plan for a new 100,000-seater stadium or redevelop the existing 74,000-capacity Old Trafford.

Mr Burnham has backed the ambitions to redevelop the stadium alongside a “mixed-use” neighbourhood featuring apartment blocks, shopping centres and new public transport stations.

Global advisory firm Oxford Economics revealed that the regeneration project could deliver 92,000 new jobs, more than 17,000 new homes and an extra 1.8 million visitors per year to the area.

“This could be the biggest regeneration scheme I’ve ever seen in this country,” said Mr Burnham.

“We hope it’s the best football stadium in the world, which brings benefits to residents around it.”