Lord Sebastian Coe says Manchester United’s Old Trafford development "could easily be the largest regeneration project in Europe".
Lord Coe, who is a former athlete and the ex-chair of the organising committee for the 2012 London Olympics, was appointed chair of the Old Trafford Regeneration Task Force earlier this year.
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At the end of last month, the task force reached an initial conclusion that a new stadium build for United would be a more transformative option than redeveloping the existing ground - with a new 100,000-seater stadium reportedly the recommendation.
"Many of the other judgements are for the football club," Lord Coe told Sky Sports News.
"But I think what we could get to is a regeneration project that is worthy of the name and could easily be the largest regeneration project in Europe.
"I've got people like Andy Burnham, who is a great mayor of Manchester, other elected officials and the universities [alongside me on the task force].
"It's a proper board and we're not just looking at the viability of a football stadium. That's important, but in a way it takes me back to the London Olympic years because I know that a sporting venue - properly structured with thought and drive behind it - can transform local communities."
What a new stadium build might mean for Man Utd
A new 100,000-seater stadium build would create a stadium that is the largest in the UK.
Four meetings have taken place around the feasibility of the project, which would see the stadium built on club-owned land adjacent to Old Trafford and elevate the community.
While it is premature to suggest that this is the only direction United will take, it is the favoured route to create a new world-class venue with surrounding benefits.
The club own an expansive amount of land around Old Trafford which they feel is under-utilised and could be repurposed for housing, leisure, business, education, driving investment and jobs, and improving the environment.
United have been researching some of the best stadium regeneration projects across sport, particularly those that have sparked a drastic transformation in the community like SoFi Stadium in Los Angeles, the venue in which they suffered a pre-season defeat to Arsenal.
The club held several meetings with the team behind that development, which is privately funded, in the lead-up to their tour to learn from the project
Collette Roche, United's chief operating officer, also visited the Bernabeu earlier this year to extract lessons from Real Madrid's approach. The Chicago Bears' Burnham Park Project, where a new stadium will serve as a catalyst for the regeneration of the wider area, is being studied.
United have also spent time engaging around Tottenham Hotspur Stadium and Wembley.
Financing is one of the key considerations of the task force, and a wide variety of potential private funding sources will be explored. There could be opportunities for a public-private partnership to power the regeneration of the area.
A full recommendation from the task force will be made towards the end of the year following a period of consultation with key stakeholders, which includes fans and local residents.
Cole: LA's SoFi Stadium great example for Man Utd
Andy Cole said the SoFi Stadium's regeneration of Inglewood can be mirrored in Manchester with a new or redeveloped world-class ground at Old Trafford.
Speaking of his experience at United's opening game of their pre-season tour against Arsenal, the former Manchester United striker said: "What left the biggest impression on me is how the stadium has been central to the rise of Inglewood.
"I have been coming to LA for years and that area of the city was never previously somewhere you would choose to go as a visitor.
"To see how it has become such a thriving neighbourhood, with the SoFi at the heart of it, is an inspirational example of inner-city regeneration.
"I don't draw this comparison lightly, but you can see a parallel with the opportunity back home in Manchester. A new or redeveloped stadium at Old Trafford could be the focal point for revitalisation of the surrounding area.
"Manchester United fans and everyone in the north of England deserves a truly world-class stadium, and SoFi sets the standard to aim for.
"This is the kind of arena the best players in the world want to be playing in and fans want to be experiencing."
