Farewell, Old Trafford: Manchester United will build a new stadium, 'the world's greatest'

After 115 years, one of the most iconic stadiums in world soccer is saying goodbye. Manchester United announced its departure from Old Trafford and released its plans to move to a new venue that will begin construction in the near future.

Jim Ratcliffe, co-owner of Manchester United, confirmed that Old Trafford will not be remodeled as initially proposed, and a new stadium will be erected, "the world's greatest," he said.

"Today marks the start of an incredibly exciting journey to the delivery of what will be the world’s greatest football stadium, at the cent[er] of a regenerated Old Trafford," Ratcliffe stressed.

"Our current stadium has served us brilliantly for the past 115 years, but it has fallen behind the best arenas in world sport," the "Red Devils" co-owner added. Manchester United took the opportunity to showcase the design of its new stadium.

Ratcliffe reported that the construction of the new stadium, which will have 100,000 seats, 26,000 more than Old Trafford, will cost an estimated 2 billion pounds (about $2.6 billion). The work will be carried out by the firm of renowned British architect Norman Foster.

Ferguson approves the decision

There are few voices within Manchester United authorized to speak about any move made by one of the Premier League's and soccer's most iconic institutions. One of them is Sir Alex Ferguson, one of the most prominent figures in the history of the "Red Devils" and the sport as a whole.

Ferguson, who managed Manchester United from 1986 to 2013, winning 38 domestic and international titles throughout that period, applauded the institution's decision to leave Old Trafford and begin play in a new stadium.

"Manchester United should always strive to be the best in everything they do, on and off the pitch, and that includes the stadium we play in. Old Trafford holds many special memories for me but we have to be brave and take this opportunity to build a new home, fit for the future where history can be made," Ferguson stressed.

Since it first opened its doors in 1910, Old Trafford has retained a wealth of memories and historic moments in soccer. It has hosted the World Cup, the Euro, the Olympic Games and a UEFA Champions League final, among other events.