MANCHESTER UNITED are reportedly planning to fund their new £2billion stadium with a “sinister” tactic from the US.
The Red Devils announced plans for a mega 100,000-seater arena in March after deciding to replace Old Trafford.
GettyMan Utd are planning to fund their new £2billion stadium with a ‘sinister’ US tactic[/caption]
ReutersThe Red Devils announced plans for a 100,00-seater arena in March[/caption]
The new stadium will be the biggest in the country.
And a local regeneration project is expected to create thousands of jobs and new homes.
United believe once the £2bn stadium and surrounding areas are complete, it will generate £7bn annually into the economy.
United’s plans are expected to cost upwards of £4.2bn in total.
But according to the Guardian, United are planning on taking a leaf from the US in terms of funding.
In order to build their stadium, United must move a rail freight hub which currently sits on land needed for the project.
And it’s claimed they want the UK government to pay the estimated costs, which could reach £300million – but has previously been estimated at as much as £1bn.
In the past, West Ham’s London Stadium and Manchester City’s Etihad Stadium were built with public money.
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However, their homes were initially created for one-off sporting events, with the London Stadium serving the London Olympics in 2012, and the Etihad built for the Commonwealth Games in 2002.
Politicians including Greater Manchester mayor Andy Burnham had previously declared that no public funds would be used to build United’s new stadium.
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But as this cost would only be for clearing land needed for the arena, it would not fall under the technical billing of the 100,000-seater ground itself.
This follows a “sinister” trend across the pond in the US, where public funds are often handed to sport teams for new stadiums.
In 2016, the Las Vegas Raiders were handed £555m when they were still a California-based franchise.
Three years ago, the Buffalo Bills received £629m of public funding, while the Washington Commanders are currently in the process of landing £740m – which works out at $1bn.
The money is handed out with the promise of returning major numbers to the economy.
But Pat Garofalo, of the American Economic Liberties Project, told The Guardian: “That’s the story they tell to get the public money, but it’s the big lie.
“We (in the US) export a lot of problematic things, and I really hope that we don’t export that big lie.”
The Guardian adds that Manchester United declined to comment.
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