The first-of-its-kind fund will involve more than 30 projects to be backed across the region. Greater Manchester’s economic growth continues to outstrip the rest of the country with an annual rate of 3.1 per cent, and the mayor of Greater Manchester, Burnham, has stated every borough should benefit.
In March, United unveiled ambitious plans for a state-of-the-art 100,000-seater stadium at an event in London. Burnham had said that no public funding would be granted for the stadium itself, but conversations had been ongoing about the regeneration project surrounding the stadium.
Now, an initial commitment of £26m for 382 new homes as part of the Trafford Wharf development has been promised – the first major investment in the Old Trafford regeneration area.
The investment for the area around Old Trafford is part of the Greater Manchester growth plan.
Collette Roche, United chief operating officer, said: “We are delighted to see the Old Trafford regeneration project at the heart of Greater Manchester’s wider growth plan for the next decade.
“We want to build the world’s best football stadium as a new home for Manchester United and a venue fit for the biggest international events, including the 2035 FIFA Women’s World Cup, surrounded by a vibrant business, leisure and residential district served by excellent transport links.
“We are determined to play our part, together with other stakeholders, in making this vision a reality, and unlocking the huge benefits it can deliver for the surrounding community and wider region.”
Burnham has hailed the Old Trafford regeneration project as the United Kingdom’s largest sports-led scheme since the London 2012 Olympics, with around 15,000 homes set to be built alongside the new 100,000-seat football stadium, as well as areas for leisure and business.
The Mayoral Development Corporation was recently established for the regeneration project, and Burnham confirmed Lord Sebastian Coe has been appointed as its chair designate.
Burnham has outlined his vision for Greater Manchester to become “a second city to rival any other on the planet by 2050″ and every district to benefit from “regeneration at a pace and on a scale not seen before this century”.
United must reach a deal to purchase the rail yard surrounding Old Trafford before they can push ahead with stadium plans. The land is owned by Freightliner, and the parties are yet to reach an agreement.
Burnham has suggested compulsory purchase powers could be used to acquire the space if a deal can not be agreed, but sources confirmed last month United were “optimistic” of reaching a breakthrough.
