Industry and football experts outside Old Trafford have identified numerous reasons why completion in 2030 may be unlikely, with one saying privately if the spades are in the ground within two years, United will have done very well.
Early discussions over how to fund the £2bn project have begun, although this is being done at the same time as the club are in negotiations over the refinancing of significant chunks of United’s current debt.
While those specific loans are not set to expire until 2027, informed sources say they need to be refinanced a year before that. In their latest financial statement in June, United confirmed £327.9m of its ‘senior secured notes’ and £180m of its revolving credit facility is set to mature on 25 June 2027.
It is thought highly unlikely United will look to load its stadium debt on to that sum at a time when global interest rates are rising.
Ratcliffe and co-owners the Glazer family have the option of putting in the sums themselves, or reducing their stake in the club through a share sale, but neither of these options are felt to be realistic either.
Outsiders think the most likely option is having a subsidiary company own the stadium, which could bring in investment.
Yet others feel the economics of building a 100,000-capacity stadium from scratch requires the men’s first team to be a far more attractive proposition than they are now because a significant number of corporate tickets will have to be sold to make it financially viable.
A secondary complication is whether there is a possibility of being able to buy nearby land currently being used for the Freight Liner terminal.
There is still time to tone down some of the more expensive elements of the vision Ratcliffe unveiled in March.
United’s chief operating officer Collette Roche will lead the club’s drive on the project, with fan focus groups set to discuss key aspects, including seating and pricing options, in a series of meetings next week.
It is not known yet when planning permission will be submitted, although issues such as transport expansion will be dealt with at local government level, with United’s input.
“This is about so much more than just a stadium,” said Lord Coe.
“It’s about listening to and working with residents to create a vibrant, inclusive district, with high quality housing, green spaces, world class leisure and education facilities, and improved transport links.
“Twenty years on from securing the Olympic and Paralympic Games for this country, I’m ready to help deliver a vision of equal scale and ambition. I can’t wait to get started.”
