Manchester United have confirmed plans to leave Old Trafford and move to a new 100,000-seater stadium.
United have spent the last 115 years at Old Trafford, which currently holds nearly 74,000 spectators.
Their new stadium is expected to be built on club-owned land adjacent to Old Trafford.
United co-owner Sir Jim Ratcliffe has previously spoken about building a 'Wembley of the North'.
The Old Trafford Regeneration Task Force—chaired by Ratcliffe but also including Sky Sports pundit and former United defender Gary Neville and Mayor of Greater Manchester Andy Burnham—has now confirmed the club's intention to build a new stadium that would make it the largest in the UK.
"Today marks the start of an incredibly exciting journey to the delivery of what will be the world's greatest football stadium, at the centre of a regenerated Old Trafford. Our current stadium has served us brilliantly for the past 115 years, but it has fallen behind the best arenas in world sport," said Ratcliffe.
“By building next to the existing site, we will be able to preserve the essence of Old Trafford, while creating a truly state-of-the-art stadium that transforms the fan experience only footsteps from our historic home."
However, questions on how the club will finance the cost of the new stadium are still to be answered after Ratcliffe said earlier this week that Man Utd would have run out of money by Christmas had he not made a series of recent cost-saving cuts.
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Speaking about the plans, Manchester United chief executive Omar Berrada said: "Our long-term objective as a club is to have the world's best football team playing in the world's best stadium. We are grateful for the feasibility work done by the Old Trafford Regeneration Task Force exploring options for the future of Old Trafford.
"We have carefully considered its findings, together with the views of thousands of fans and local residents and concluded that a new stadium is the right way forward for Manchester United and our surrounding community. We will now embark on further consultation to ensure that fans and residents continue to be heard as we move towards final decisions."
Former Man Utd manager Sir Alex Ferguson added: "Manchester United should always strive for the best in everything it does, on and off the pitch, and that includes the stadium we play in. Old Trafford holds so many special memories for me personally, but we must be brave and seize this opportunity to build a new home, fit for the future, where new history can be made."