London, United Kingdom (AFP) —Manchester United on Tuesday announced plans to build a new 100,000-capacity stadium close to their historic Old Trafford stadium that co-owner Jim Ratcliffe said would be the “world’s greatest” football ground.

The momentous decision by the Premier League club comes after an extensive consultation process around whether to develop their creaking current ground or move, in conjunction with the Old Trafford Regeneration Task Force.

United have now confirmed their “intention to pursue a new 100,000-seater stadium as the centrepiece of the regeneration of the Old Trafford area”.

The club hopes the new stadium, which will cost a reported £2 billion ($2.6 billion) can be finished in five years, though the start date remains uncertain.

Scaled models and conceptual images for how the new stadium and surrounding area could look like were revealed on Tuesday at the London headquarters of architects Foster + Partners, appointed in September to design the stadium district.

“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,” Ratcliffe said in a club statement.

“Our current stadium has served us brilliantly for the past 115 years, but it has fallen behind the best arenas in world sport.”

United said the stadium and a wider regeneration project had the potential to deliver an additional £7.3 billion per year to the UK economy, including the possible creation of 92,000 new jobs.

“United is the world’s favourite football club and the biggest in my opinion and it deserves a stadium befitting of its stature,” Ratcliffe said in London on Tuesday.

“It’s more challenging to build a stadium of 100,000 but I think the UK needs a stadium of that kind of presence and the north of England I think is the best place to build it.”

– Ferguson backing –

The move to a new ground has been backed by former United boss Alex Ferguson, who won 13 Premier League titles during his reign of more than 26 years.

“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.”

United, struggling on and off the pitch, are around £1 billion in debt and have yet to say how they will pay for the new stadium.

Regarding the financing of the project, chief executive Omar Berrada said Tuesday: “It’s a very attractive investment opportunity so we’re quite confident we’ll find a way to finance the stadium.”

Old Trafford, England’s biggest club ground with a capacity of around 74,000, has been United’s home since 1910 but criticism of the stadium has grown in recent years, with issues including leaks from the roof.

Norman Foster has designed some of the world’s most iconic buildings, including the HSBC Building in Hong Kong, London’s “Gherkin” skyscraper and the reconstructed Reichstag in Berlin.

Foster said the stadium would feature an umbrella design sheltering a public plaza that is “twice the size of Trafalgar Square” in London.

The design will feature three masts described as “Trident”, which the architects say will be 200 metres high and visible from 40 kilometres (25 miles) away.

The Manchester United Supporters’ Trust said it was vital that fans were consulted throughout the process.

The group said in a statement: “Will it drive up ticket prices and force out local fans? Will it harm the atmosphere, which is consistently fans’ top priority in the ground?

“Will it add to the debt burden which has held back the club for the last two decades? Will it lead to reduced investment in the playing side at a time when it is so badly needed?”