Manchester United have held “exploratory talks” over selling the naming rights to Old Trafford or a new stadium as Sir Jim Ratcliffe explores ways to fund a proposed new home for the Premier League club, according to a report.
Billionaire businessman Ratcliffe, whose takeover of the football side of United was ratified in February, has overseen talks with the Bank of America, The Athletic said, citing anonymous sources. The outlet added that United had declined to comment and Bank of America had not responded to a request.
United are said to also be considering “substantial” ticket price rises to help fund the infrastructure project. Ratcliffe has said his preference is to create a new ‘Wembley of the North’ at a cost of around £2 billion, while he anticipates renovating Old Trafford would cost around £1bn.
🗣️ “I think there are two main issues in this club, one is performance on the field and the other one probably is the stadium.”
Sir Jim Ratcliffe wants to build a new stadium for Manchester United and the north west of England.#BBCFootball #MUFC pic.twitter.com/XYgtWQT5ol
— BBC Sport (@BBCSport) February 21, 2024
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Old Trafford naming rights
Numerous clubs in the top flight and English Football League have sold stadium naming rights, but United are yet to follow suit at their home of 75 years, which drew attention last season for its dilapidated state.
Ratcliffe has enlisted Sebastian Coe, who chaired the organising committee for the London 2012 Olympic Games, to lead the regeneration project and explore funding.
United’s latest accounts reflected debts of £653.3m, excluding money owed in transfer fees, and showed that £120m of Ratcliffe’s £238m cash injection into the club for infrastructure was used to pay down money on a revolving credit facility.
Man United new stadium
Speaking in February, councillor Liz Patel, who is leading the local council’s redevelopment plans, praised Ratcliffe’s “great ambition” for “wonderful” plans to create a new stadium adjacent to Old Trafford.
Patel added that financing any refurbishment would be a “separate” issue for the club. Ratcliffe is known to have discussed the plans when he met Labour leader Keir Starmer in May.
The 71-year-old has called Old Trafford the “main issue” facing United aside from dwindling results on the pitch since the retirement of their most successful manager, Sir Alex Ferguson, in 2013.
Sir Jim Ratcliffe: United home ‘tired’
“It’s in need of refurbishment,” Ratcliffe told BBC News, calling the stadium “tired”. “There is a big argument, in my view, for regenerating the south side of Manchester.
“It could take England games, the FA Cup final, the Champions League final. I’d be very excited about that prospect for the north of England. It’s fantastic.”
United supporter Ratcliffe’s Ineos Group paid £1.25bn for a 27.7% stake in the 20-time Premier League champions.
