has thrown his weight behind 's proposals to demolish the iconic Old Trafford and . The club revealed their blueprint on Tuesday for a magnificent new arena slated to be the centrepiece of a regeneration of the Old Trafford area. The ambitious project is expected to set the club back a hefty £2billion and would result in the Red Devils departing from their hallowed stadium where they have played for the past 115 years.

Guiding the team through its most successful age at the Theatre of Dreams, Ferguson called time on his illustrious tenure in 2013. Nevertheless, he's signalled a thumbs up for the groundbreaking venture. As the designs were unveiled, Ferguson delivered his endorsement: "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."

United are poised to dive into the next phase of their grand design, focusing on consultation, architectural detailing, and the planning process. Billionaire Sir Jim Ratcliffe, having snapped up a minority share in Manchester United, is vocal about constructing a 'Wembley of the north' and embraced the announcement as a thrilling moment.

Ratcliffe stated: "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. 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.

"Just as important is the opportunity for a new stadium to be the catalyst for social and economic renewal of the Old Trafford area, creating jobs and investment not just during the construction phase but on a lasting basis when the stadium district is complete.

"The Government has identified infrastructure investment as a strategic priority, particularly in the north of England, and we are proud to be supporting that mission with this project of national, as well as local, significance."

This article originally appeared on the