Chancellor Rachel Reeves has announced her support for Manchester United's ambitious new stadium project, which is forecast to generate £7.3 billion annually for the UK economy.
The Government is "championing" the development around Old Trafford, which is expected to create approximately 90,000 jobs nationally.
The plans, which include new housing, commercial and public spaces, have been hailed by the Government as a "shining example of the bold pro-development model that will drive growth across the region".
The project represents a significant boost for Manchester United's vision to transform the Old Trafford area through major regeneration works.
Chancellor Rachel Reeves has announced her support for Manchester United's ambitious new stadium project, which is forecast to generate £7.3 billion annually for the UK economy.
PA
Any proposed new stadium would boast a 100,000-seat capacity, making it a "Wembley of the North" with estimated costs between £2 billion to £2.3 billion.
The club is expected to make a final decision at the end of the season, choosing between building the new stadium or redeveloping their existing Old Trafford home to an 87,000 capacity.
Sir Jim Ratcliffe and the club's leadership are strongly favouring the new build option.
JUST IN:Darts star admits he's 'annoyed' after being accused of 'weird' behaviour towards Luke Littler
Man Utd chief Omar Berrada has welcomed the backing from Rachel Reeves over a new super stadium
PA
A mayoral development corporation body is set to be established to streamline decision-making processes around the redevelopment project.
Manchester United's chief executive Omar Berrada welcomed the Chancellor's backing, stating: "The delivery of a world-class stadium can be the catalyst for major regeneration of an area of Greater Manchester which requires new investment to thrive again."
While United will need to finance the stadium itself, public funds could be allocated to support infrastructure improvements and developments within the stadium district.
READ MORE: Tony Bellew issues direct challenge to Tyson Fury after retirement with Anthony Joshua message
"We cannot achieve that wider aim on our own, which is why we welcome the announcement by the Chancellor and the ongoing support of the Mayor of Greater Manchester and Trafford Council," Berrada added.
The project aims to create a landmark development that the whole region can take pride in.
LATEST SPORTS NEWS:
Andy Burnham, Greater Manchester's Mayor and member of the Old Trafford regeneration task force, described the project as "the biggest opportunity for urban regeneration this country has seen since London 2012".
The development has gained momentum with ongoing talks between United and Freightliner about acquiring their land near Old Trafford.
Man Utd are leaning towards a new stadium instead of renovating Old Trafford
PA
Freightliner is considering relocating its operations to St Helens, with optimism that work could begin before year's end.
"We look forward to working with the Government on moving freight away from the site around Old Trafford to new locations to open up capacity in our rail network and unlock massive regeneration potential," Burnham said.
