Britain’s economy could grow by £7.3bn on account of Man Utd stadium regeneration

An economic feasibility study commissioned by Manchester United suggests that redeveloping the region around the stadium may bring £7.3 billion ($9.7 billion) in revenue to the British economy each year.

On Monday, however, Greater Manchester Mayor Andy Burnham declared that no public funds would be allocated to the project.

United is debating whether to renovate the current 74,000-seat Old Trafford or pursue a £2 billion plan for a brand-new stadium with 100,000 seats.

The plans to redevelop the stadium in conjunction with a “mixed use” neighborhood that includes new public transportation hubs, housing buildings, and shopping centers have the support of Burnham.

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

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

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

The project is being spearheaded by United co-owner, British billionaire Jim Ratcliffe, who bought a minority stake in the club earlier this year.

Although Ratcliffe initially hinted he could pursue government assistance in order to fund a “Wembley of the north”, that appears now to have been ruled out.

Last week United appointed globally renowned architects Foster + Partners to work on the plans.

Fans are being asked for their views on the redevelopment, with former United captain Gary Neville, part of an Old Trafford Regeneration Task Force, urging supporters to take part.