Well, that's the final whistle. Manchester United has confirmed it will knock down the iconic Old Trafford and build a new ‘state-of-the-art' stadium.

United's new minority owner, , has ruthlessly pushed for building a ‘Wembley of the North' to compete with the pride of London.

Renovating Old Trafford was also an option, but the $1 billion cost dampened prospects.

The new “Theatre of Dreams” intends to revive the entire Greater Manchester area, reiterated Ratcliffe on the Manchester United website.

“This can be a major regeneration project for an area of Greater Manchester which has played such a key role in British industrial history, but which today requires new investment to thrive again.

“The north-west of has a greater concentration of major football clubs than anywhere else in the world, yet we don't have a stadium on the scale of Wembley, the Nou Camp or the Bernabeu.

“We will not be able to change that on our own, which is why this task force is so important to help us seize this once-in-a-century opportunity.”

The club will launch a joint task force consisting of Red Devils legend Gary Neville, along with Lord Sebastian Coe and two high deputies from the Greater Manchester area.

Photo: x/manutd