Sir Jim Ratcliffe wants Old Trafford to become the 'Wembley of the North' in bold £2billion project funded in part by Government money to rebuild Manchester United's decaying home

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Sir Jim Ratcliffe wants a new Old Trafford to become the ‘Wembley of the North’ – and may seek public funds to help achieve his dream.

The INEOS billionaire, 71, has been described as ‘a man in a hurry’ since agreeing a deal for a 25 per cent stake in the club he has supported all his life.

While transforming United’s fortunes on the field is the main priority, United’s home is in desperate need of an upgrade and Ratcliffe and his team have already had dialogue with Greater Manchester Mayor Andy Burnham. The aim is for a world-leading, iconic venue to rival Wembley and its 90,000-capacity.

Any approach to central government could be amid Westminster’s levelling up pledges. However, government sources have told Mail Sport that a simple injection of taxpayer cash to a Premier League giant is highly unlikely.

Instead, assistance could come in the form of tax breaks and relaxed planning regulations with the potential new venue part of a vast redevelopment zone stretching down to the Manchester Ship Canal and linking Old Trafford with BBC HQ MediaCity.

Sir Jim Ratcliffe wants to transform Manchester United’s Old Trafford home into the ‘Wembley of the North’ in a complete rebuild of the stadium which could cost upwards of £2billion

Wembley, in north London, has a capacity of 90,000 and holds many major football matches

INEOS billionaire Ratcliffe has committed £237m to infrastructure improvements initially

According to insiders Ratcliffe has wasted little time since his deal was announced on Christmas Eve. A lifelong United fan from nearby Oldham, he is keen to leave a legacy and a stadium worthy of one of the world’s biggest clubs is a huge part of that, according to those close to the situation.

‘Jim is a man in a hurry,’ a source explained. ‘He’s 71 and wants to get on with it. This is an opportunity to leave a huge legacy.’

No decision has yet been made over whether a redevelopment of Old Trafford or a new venue on the stadium footprint is the right way forward. However, there is a strong argument that a refurbishment of the existing stadium, opened in 1910, would only prove to be a short-term measure. Expanding the current, 74,000-capacity ground could cost around £800m while a new-build may be anywhere between £1bn and £2bn.

INEOS have experience in finding funding for vast infrastructure projects and are currently in the process of building a new £5bn chemical plant in Antwerp, Belgium. Agreement over financing would need to be reached with majority owners the Glazers, who are understood to be happy to let INEOS take the lead. Any debt would have to be serviced and repaid but would be a different prospect than the existing debt from the Glazers’ leveraged buyout as it would be going on a facility that would significantly increase the club’s revenues.

A more creative approach than upgrading Old Trafford would be to build a new home on the vast swathes of land United own behind the Stretford End. It would mean the club ‘stays’ at its spiritual home but move into a new facility, similar to Tottenham’s move in 2019. State-of-the-art and lucrative corporate facilities would be key to any new project.

Ratcliffe and Sir Dave Brailsford meet United manager Erik ten Hag on a tour of Carrington

The decay of Old Trafford has been a major source of fan resentment against the Glazers

Such a development could well come as part of a special investment zone. In the Spring Budget of 2023 the government identified a number of areas which would benefit from certain tax and regulatory rules aimed at driving economic growth and dubbed investment zones. Such an area would likely include residential and commercial property and may even feature a research institute or university.

A straight cash payment in a football stadium is deemed highly unlikely by government insiders. They point to the fact that other public-funding backed stadia often have a variety of uses and are, or have been, multi-sport venues and or part of a bid for a major sporting event.

Manchester City’s Etihad Stadium, for example, was the centrepiece of Manchester’s successful bid for the 2002 Commonwealth Games.

Old Trafford was not selected as a venue for the UK and Ireland’s bid to host the 2028 European Championship finals.

Meanwhile, Ratcliffe attended the Munich memorial service at Old Trafford yesterday.

On the 66th anniversary of the tragedy, Ratcliffe arrived with his INEOS director of sport Sir Dave Brailsford, Sir Alex Ferguson and Burnham for a poignant ceremony under the Munich plaque.

United manager Erik ten Hag and women’s team boss Marc Skinner laid wreaths in the teeming rain, followed by captains Bruno Fernandes and Katie Zelem.

Old Trafford currently has a capacity of 74,310 but United have long wanted to increase that

Ratcliffe (left) attended the club’s Munich Air Disaster memorial service on Tuesday

The club’s former chaplain Rev. John Boyers led the service and read out the names of the 23 people who died – including eight of the Busby Babes – before a two-minute silence was held at 3.04pm, the exact time of the crash on February 6, 1958.

A similar service took place at the Manchesterplatz memorial site in Munich where United were represented by Mike Phelan.

Earlier in the day, Phelan laid a wreath at the grave of Franz Beckenbauer, the Germany and Bayern Munich legend who passed away last month at the age of 78.

Ratcliffe’s investment is expected to be formally completed this month, and it moved a step closer on Tuesday following confirmation that his purchase of Class-B shares from the Glazer family was approved by an extraordinary general meeting on Monday.

The aim of a public-private partnership would be to provide the taxpayer with a return on its outlay, should any public funds be used.