Manchester United are holding “exploratory talks” about selling the naming rights to Old Trafford or a new stadium as Sir Jim Ratcliffe explores ways to finance the Premier League club's proposed new home, according to a report.
Billionaire businessman Ratcliffe, whose takeover of United football club was approved in February, has held talks with Bank of America, The Athletic said, citing unnamed sources. The outlet added that United declined to comment and Bank of America did not respond to a request.
United is also said to be considering a “significant” increase in ticket prices to help fund the infrastructure project. Ratcliffe said his preference is to create a new 'Wembley of the North' costing around £2 billion, while he expects to refurbish Old Trafford at around £1bn.
🗣️ “I think there are two important things in this club, to play on the field and the other is probably the field.”
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
Old Trafford naming rights
Many top-flight and English Football League clubs have sold the naming rights to the stadium, but United are yet to follow suit with their 75-year-old home, which attracted attention last season for its poor condition.
Ratcliffe has appointed Sebastian Coe, chairman of the London 2012 Olympic Games organizing committee, to lead the renewal and funding review project.
United's latest accounts show debts of £653.3m, excluding money owed on transfer fees, and show that £120m of Ratcliffe's £238m injection into the club's infrastructure has been used to pay off a revolving credit facility.
Man United's new stadium
Speaking in February, councilor Liz Patel, who leads the local council's redevelopment plans, praised Ratcliffe's “huge ambition” for the “fantastic” plans to build a new stadium near Old Trafford.
Patel added that financing any repairs would be a “separate” issue for the club. Ratcliffe is understood to have discussed the plans when he met Labor leader Keir Starmer in May.
The 71-year-old called Old Trafford a “big issue” for United despite a drop in results on the pitch since the retirement of their most successful manager, Sir Alex Ferguson, in 2013.
Sir Jim Ratcliffe: United home 'tired'
“It needs to be refurbished,” Ratcliffe told BBC News, calling the stadium “tired”. “There is a big argument, in my view, for regenerating the south side of Manchester.
“It might take the England games, the FA Cup final, the Champions League final. I would be very happy with that prospect in the north of England. Very sweet.”
United fan Ratcliffe's Ineos Group paid £1.25bn for a 27.7% stake in the 20-year-old Premier League champions.
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