Manchester United Says It Will Replace Old Trafford With 100,000-Seat Stadium

Out with the Old Trafford and in with the new. 

Manchester United on Tuesday announced plans to leave Old Trafford—its home for more than 100 years—and into a new 100,000-seat stadium that will cost an estimated $2.6 billion. 

The new stadium would surpass the 90,000-seat Wembley as the largest in the United Kingdom and comes at a time when the team is struggling on the field as well as financially. 

“Today marks the start of an incredibly exciting journey to the delivery of what will be the world’s greatest football stadium, at the centre of a regenerated Old Trafford,” team co-owner Sir Jim Ratcliffe said in a release. “Our current stadium has served us brilliantly for the past 115 years, but it has fallen behind the best arenas in world sport.”

The club’s new home would be built on the same site as Old Trafford after plans to keep the stadium for the women’s club and youth teams were scrapped. 

The decision was made based on suggestions made by the Old Trafford Regeneration Task Force, which was set up more than a year ago to decide between redeveloping the current stadium, which was last renovated in 2006, or building a new one. Old Trafford has a capacity of 76,000 and first opened in 1910. Fan input was also considered and a new stadium has been supported by legendary coach Alex Ferguson. No timeline for the stadium was given with the announcement. 

“Manchester United should always strive for the best in everything it does, on and off the pitch, and that includes the stadium we play in,” Ferguson said. “Old Trafford holds so many special memories for me personally, but we must be brave and seize this opportunity to build a new home, fit for the future, where new history can be made.”

The club has been under financial strain, recently posting second-quarter revenue 12% lower than the year prior, partly due to its inability to qualify for Champions League. United also said it plans to lay off 100 people after cutting 250 jobs in July. The job cuts are part of a cost-cutting campaign by Ratcliffe, the billionaire who took over the team one year ago. The Glazer family, including brothers Avram, Bryan, and Joel, are the team’s majority owners. They also own the Tampa Bay Buccaneers. 

Manchester United’s decision for a new stadium came days after thousands of fans protested against club ownership in light of the cost cuts, increase in ticket prices, and poor play on the field. The team hasn’t won the English Premier League since 2013 and currently sits 14th in the league standings.