Manchester United announced on Tuesday (March 11) its ambition to build Britain’s largest stadium, next to the current Old Trafford, for a cost of £2 billion.

“Today marks the start of an incredibly exciting journey towards delivering what will be the world’s greatest football stadium, at the centre of a revitalised Old Trafford,” Manchester United co-owner Jim Ratcliffe said in a statement.

Since becoming a minority shareholder in February last year, the British billionaire has been outspoken about his desire to create a new, state-of-the-art “Wembley of the North”. The club has considered the possibility of redeveloping the current stadium, which has been home to the team since 1910, or building a new one.

In September, Manchester United commissioned Foster + Partners to develop a plan for a new 100,000-seater stadium that will underpin the UK government’s regeneration project in South Manchester.