London. Manchester United announced plans Tuesday to build the "world’s greatest" soccer stadium, a proposed 100,000-seat arena that would surpass Wembley as the largest in the United Kingdom.

The new venue would be constructed next to Old Trafford, allowing the team to remain at its historic home during the build.

“Our current stadium has served us brilliantly for 115 years, but it has fallen behind the best arenas in world sport,” part-owner Jim Ratcliffe said. “By building next to the existing site, we can preserve the essence of Old Trafford while creating a state-of-the-art stadium that transforms the fan experience just footsteps from our historic home.”

United did not disclose the stadium’s cost or a construction timeline, but architect Norman Foster estimated the project would take five years.

British billionaire Ratcliffe, who acquired an initial 25 percent stake in United last year for $1.3 billion, prioritized a new stadium over redeveloping Old Trafford.

“Today marks the start of an incredibly exciting journey to deliver what will be the world’s greatest football stadium,” Ratcliffe said.

United envisions the stadium as part of a broader redevelopment of the Old Trafford area, estimating the project would contribute £7.3 billion ($9.4 billion) to the UK economy. The British government has expressed support, though funding details remain unclear.

Wembley, home to England’s national soccer team, currently holds 90,000 fans, while Twickenham, the national rugby stadium, seats 82,500. Old Trafford, with a capacity of just over 74,000, is the country’s largest dedicated soccer stadium but lags behind modern venues like Tottenham Hotspur Stadium, which regularly hosts NFL games.

“Our long-term goal is to have the world’s best football team playing in the world’s best stadium,” United chief executive Omar Berrada said.

Legendary former manager Alex Ferguson urged the club to “be brave and seize this opportunity to build a new home, fit for the future, where new history can be made.”

The announcement comes amid fan protests against the club’s ownership, citing cost-cutting measures, ticket price increases, and continued struggles on the field.

United is majority-owned by the American Glazer family, which also owns the NFL’s Tampa Bay Buccaneers. Since investing, Ratcliffe has vowed to restore the club to its former dominance after more than a decade without a Premier League title.

However, his first year overseeing soccer operations has been turbulent, with United enduring its worst-ever Premier League season and currently sitting in the bottom half of the standings.