Manchester United Plc (NYSE: MANU) announced it has secured a 25-acre site for its new 100,000-seat stadium, which is poised to become the largest sports arena in the UK.
The site, which is less than a mile northwest of the team’s current stadium, was acquired from Indurent, a provider of industrial space and a Blackstone (NYSE: BX) portfolio company. The team is also collaborating with Trafford Council and the Old Trafford Regeneration Mayoral Development Corporation (OTRMDC) to ensure the new stadium fits into a wider 370-acre mixed-use project that is slated to create around 15,000 new homes and 48,000 new local jobs.
The financial aspects of the deal and the timeline for the new stadium’s creation were not announced.
“Today’s news highlights the progress we’re making towards a world-class new home for Manchester United and represents a significant milestone as we move into the next phase of development,” said Collette Roche, CEO of Manchester United’s New Stadium Development. “Being able to build so close to Old Trafford allows us to preserve the heritage, traditions and rituals that are so important to our fans. We are committed to building a world-class stadium with our supporters, not just for them, with atmosphere, affordability and accessibility at the heart of our thinking. This is a generational opportunity that is fully aligned with both local and national growth ambitions. Securing the right land for our new home has been absolutely critical, and the land we’ve acquired gives us the stage to deliver a truly world-class stadium that honors our past and is ready for our future.”
Photo courtesy of Manchester United
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