Manchester United on Tuesday announced plans to build a new 100,000-capacity stadium close to its historic Old Trafford home, with co-owner Jim Ratcliffe promising it would be the "world's greatest" football ground.

The momentous decision by the Premier League club comes after an extensive consultation process on whether to develop its creaking current ground or move.

The stadium, which will be built on land surrounding Old Trafford, will cost around £2 billion ($2.6 billion) and the timescale for the project is five years.