Sir Jim Ratcliffe, the owner of Ineos and Britain's wealthiest individual, is reportedly keen on transforming Old Trafford into the "Wembley of the North."

His ambitious plans are currently being formulated at Manchester United.

Ratcliffe has recently acquired a 25 percent stake in the club, valued at £1 billion ($1.3 billion), pending approval from the Premier League.

Upon receiving clearance, approximately £237 million ($298 million) will be allocated for the redevelopment of Old Trafford. However, United's aspirations extend beyond mere refurbishment.

The goal is to establish a state-of-the-art venue that competes with the renowned 90,000-seat stadium, the home of English football, located in north London.

Sources close to Ratcliffe have told The Telegraph: “He feels the club needs an absolute state-of-the-art, knock-it-out-of-the-park, ‘wow’ ‘stadium. And we feel there’s a strong argument for the country having a top-class major venue in the North—a Wembley of the North.”

Ratcliffe is said to be “broadly opposed” to the idea of United having to relocate, although he believes support among fans could be secured if that becomes the only logical option. Land immediately surrounding Old Trafford, which United have called home for 114 years, could be acquired and developed. Sources added: “The spiritual home is important. We think the fans would be quite happy to accept a brand new stadium if we stayed where we are.”

United may have to consider the construction of a brand new venue, as Chris Lee, the managing director of Populous, the architectural design firm tasked with overseeing the project, has already told The Telegraph that a rebuild “may well turn out to be the most cost-effective solution.”. He added, “The building is reaching the end of its natural life; the cabling, the electricity supplies, everything is nearing its sell-by date.”

The redevelopment of Old Trafford is estimated to require a minimum investment of £800 million ($1 billion), whereas constructing a new stadium would incur costs ranging between £1.5 billion and £2 billion ($2.5 billion).

Discussions have already taken place with the Mayor of Greater Manchester and local council leaders regarding forthcoming initiatives. The objective is to establish an innovative venue that integrates sports, entertainment, and community facilities, with the vision of creating a pioneering hub for various activities.