00:00Manchester United have secured the majority of the land needed for their new 100,000-seater stadium,
00:05according to an announcement by the Premier League Club on Monday.
00:09The club acquired a 25-acre site located approximately 350 metres northwest of Old Trafford
00:16from industrial space provider Indurent and a Blackstone Portfolio Company.
00:22The ambitious project involves building a 2 billion pound, 2.65 billion dollars stadium,
00:28which would stand as the largest in Britain, right next to the existing Old Trafford ground.
00:34Building close to Old Trafford allows the club to preserve the heritage, traditions and rituals
00:40that are deeply important to the fans, stated Colette Roche, the CEO of United's new stadium development.
00:47The club is committed to building a world-class stadium with its supporters,
00:51placing atmosphere, affordability and accessibility at the absolute heart of their design thinking.
00:58Old Trafford has served as the home to the 13-time English Premier League champions since 1910,
01:04but has not undergone any major redevelopment since 2006.
01:09The current 74,000-seater stadium has faced notable infrastructure issues,
01:15including a leaking roof, inadequate drainage systems and multiple rodent sightings.
01:20Minority owner Jim Ratcliffe, who holds a roughly 29% stake,
01:25has favoured building a brand new stadium over executing renovations on the existing Old Trafford.
01:32United CEO Omar Barada previously stated that the massive investment could affect squad spending
01:38and the club's overall competitiveness on the pitch for a period of five years.
01:43United finished third in the recently concluded season under manager Michael Carrick,
01:48successfully securing a berth in the Champions League for the first time in two seasons.
