Manchester United, currently £1bn in debt, are yet to say how they plan to pay for the stadium.

It will form part of a wider regeneration of the Old Trafford area, predicted to be the biggest such project in the United Kingdom since the transformation of the Stratford area that accompanied the 2012 Olympics in London. Chancellor Rachel Reeves has already given government backing to the plans.

United say the entire project has the potential to create 92,000 new jobs, will involve the construction of 17,000 homes and bring an additional 1.8 million visitors to the area annually. They add the project will be worth an additional £7.3bn per year to the UK economy.

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

“Our current stadium has served us brilliantly for the past 115 years but it has fallen behind the arenas in world sport.

“I think we may well finish up with the most iconic football stadium in the world.”

The stadium will be built using pre-fabrication, shipped in 160 components along the neighbouring Manchester Ship Canal.