Sir Jim Ratcliffe, the co-owner of Manchester United, has been questioned regarding his proposal to use hundreds of millions in public funds to bring his vision of creating the “world’s greatest stadium” to life.
Ratcliffe, whose fortune is valued at approximately £12bn, left the UK for tax-free Monaco in 2020. He is now urging government officials to support his stadium project, which he claims will help revitalize the surrounding area.
The club believes the stadium project, supported by government ministers as part of a broader growth plan, could boost the UK economy by £7.3bn annually by 2039. However, most of this financial benefit stems from the overall regeneration effort, with the stadium itself contributing only a small portion, requiring significant public investment.
Graham Stringer, a Labour MP and former leader of Manchester city council, criticized the proposal, calling it a “misguided scheme” on the Confidentials Manchester website. Stringer, a United season ticket holder, argued that public funds should not be used for the stadium, suggesting the money would be better spent elsewhere in Greater Manchester.
Ratcliffe, who chairs the petrochemical company Ineos, struck a deal in December 2023 to acquire a £1.25bn minority stake in United, raising his shareholding to nearly 29%. He has also invested in multiple sports ventures, such as the Ineos Britannia sailing team and the Ineos Grenadiers cycling team.
Reports from 2019 revealed that Ratcliffe, shortly after receiving a knighthood for his business contributions, moved to Monaco to avoid paying up to £4bn in taxes. Ratcliffe responded, stating he employs thousands of people in the UK and contributes significantly to the nation’s economy.
The Glazer family, who hold the majority of voting rights at United, still control the club, while Ineos manages its sporting operations. Since becoming co-owner, Ratcliffe has overseen around 450 job cuts and other cost-saving measures, including shutting down Old Trafford’s staff canteen, claiming these actions were necessary to prevent the club from going bankrupt.
Despite the team’s financial challenges and its disappointing 13th-place position in the Premier League, Ratcliffe has revealed plans to move forward with a 100,000-seat stadium near Old Trafford. The £2bn project, envisioned as a major landmark like the Eiffel Tower, would be part of a wider regeneration effort.
The new stadium would feature a large canopy and a public plaza twice the size of Trafalgar Square. The architectural firm Foster + Partners, hired by the club to develop the project, envisions a “miniature city of the future” surrounding the stadium.
A report commissioned by United claims the regeneration project could contribute £7.3bn to the UK economy annually. However, only £243m of that would come from the stadium itself, with the majority of the impact stemming from infrastructure development and surrounding projects.
Tony Syme, a finance and economics expert at Salford University, emphasized that the primary economic benefit would come from the regeneration, rather than the stadium itself. He noted that significant public funds would be required to prepare the site, build infrastructure, and create public amenities.
The scheme has garnered support from influential figures, including Greater Manchester Mayor Andy Burnham and Sebastian Coe, who led the Old Trafford regeneration task force. Burnham insists that public funds will not be used to construct the stadium but has lobbied for government assistance to fund the regeneration and infrastructure preparation. The relocation of a nearby rail freight hub to accommodate the stadium could cost between £200m and £300m.
Waseem Hassan, a Labour party councillor for Old Trafford, has voiced support for the project, though he and residents have called for the club to contribute to the local community by investing in schools, infrastructure, and environmental initiatives. A spokesperson for Greater Manchester Combined Authority described the project as the largest sports-led regeneration effort since the London 2012 Olympics. They emphasized that public funds would only be used for site preparation and infrastructure, not the stadium itself.
A representative from Trafford Council emphasized the potential for transformation, stating that the project could create thousands of new jobs and homes. Consultants will soon be appointed to develop a master plan for the regeneration.
Manchester United has declined to comment on the matter.
