Man Utd acquired a new plot of land to build a new stadium earlier this year, and the cost has now been revealed.
Manchester United paid £63.5million to acquire land to unlock their 100,000-seater stadium project.
In June, United announced they had reached a deal with Indurent, a leading provider of industrial space and a Blackstone portfolio company, to acquire a 25-acre plot of land to push on with their stadium project.
United did not confirm the cost of the purchase when the update was announced, but the club’s end-of-year financial figures have revealed that £63.5m was paid.
United have financed the £63.5m purchase by refinancing a loan earlier this year. Club sources have claimed it will not impact spending in the transfer market, as the loan was refinanced specifically for land purchase.
“We have now completed the major milestone of securing the land which will form part of the proposed location of the new stadium,” Omar Berrada said as the financial results were published.
The land acquired is a large triangle, located between Wharfside Way, Europa Way and John Gilbert Way. There is still some land for United to purchase around the plot – but club sources have said no problems are expected.
United had been in talks with Freightliner to acquire land behind the Stretford End, but talks had stalled over cost, leading the club to look at alternative options for space around the current stadium.
Freightliner and United were locked in talks for over a year, with reports suggesting they valued the land at £350m.
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Club insiders were delighted when the deal to acquire the alternative plot of land from Indurent was announced, believing they had struck a fair deal.
United estimated that a new stadium alone would cost £2billion, but an updated estimate in 2026 could double costs, despite the club being saddled with a record level of debt.
The project will be financed privately, and “positive conversations” with potential investors and stakeholders are ongoing. United will sell the naming rights of the new stadium to raise capital.
Earlier this year, The Sponsor compiled a European stadium naming fair market value report, which outlined that United could bank around £15m per season, equating to £150m over 10 years.
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