Kieran Maguire stunned by new Ratcliffe Man United move – ‘for Britain’s richest person…’
Sir Jim Ratcliffe’s plan to build a £2billion ‘Wembley of the North’ at Man United is facing new criticism
It is ‘highly unlikely’ that Ratcliffe will be granted public funding to build a new state-of-the-art stadium as Man United owner.
That is the view of finance expert Kieran Maguire, who spoke exclusively to Football Insider about Ratcliffe’s request for funds under the government’s leveling-up scheme.
As reported by The Times, Ratcliffe is eager to construct a new stadium as the owner of the Red Devils that will compete with Wembley Stadium.
It is estimated that refurbishing Old Trafford would cost around £800million, while a new stadium on a nearby plot of land would cost the club £2billion.
Ratcliffe reportedly could look to secure public funding for the project with talks ongoing with Manchester mayor Andy Burnham.
Maguire insists the request ‘looks bad’ for Britain’s richest man to demand public funding as there are more ‘pressing issues’ to address in the North of England.
“The broad premise of making Old Trafford fit for Manchester United fans is something which I think should be applauded,” Maguire told Football Insider’s Sean Fisher.
“Fans have been treated as second-class citizens under the Glazer regime, whereas the prawn sandwich brigade have been fawned upon.
“This gives an opportunity for a reset.
“However, for the country’s richest person to be seeking public funding for a private company that is registered in the Cayman Islands, and his investment is via the Isle of Man – it looks bad.
“I think it’s highly unlikely that the leveling up fund could be used under those circumstances and certainly it would provoke a furious reaction from other owners.
“It would also give Manchester United a competitive advantage in terms of additional revenues.
“There are many more pressing needs in the north of England that need to be addressed rather than creating a piece of architecture which is going to be used 30 days a year.“
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